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MARK EXHAUST SYSTEMS LIMITED

Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[400100] Disclosure of general information about company


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

MARK
EXHAUST
SYSTEMS
LIMITED
U32204DL1993PLC055905
AAACM1497Q
S-430,,
Greater
Kailash-ii,
New
Delhi,
Delhi, India, 110048
Commercial
and
Industrial
12/04/2012
01/04/2011
01/04/2011
31/03/2012
Standalone
Balance Sheet
INR
Lakhs
Indirect Method
13/07/2012
14/07/2012

Name of company
Corporate identity number
Permanent account number of entity
Address of registered office of company
Type of industry
Date of board meeting when final accounts were approved
Period covered by financial statements
Date of start of reporting period
Date of end of reporting period
Nature of report standalone consolidated
Content of report
Description of presentation currency
Level of rounding used in financial statements
Type of cash flow statement
Date from which register of members remained closed
Date till which register of members remained closed

31/03/2012
01/04/2010
31/03/2011

[400400] Disclosures - Directors report


Details of directors signing board report [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Directors signing board report [Axis]

DirectorsSigningBoardReport1

01/04/2011
to
31/03/2012
Details of signatories of board report [Abstract]
Details of directors signing board report [LineItems]
Name of director signing board report [Abstract]
First name of director
Last name of director
Designation of director
Director identification number of director
Date of signing board report

Rattan
Kapur
Managing Director
00304573
12/04/2012

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Textual
information
[See below]
Textual
information
[See below]
Textual
information
[See below]
Textual
information
[See below]
Textual
information
[See below]
Textual
information
[See below]
Textual
information
[See below]
Textual
information
[See below]
Textual
information
[See below]
12. AUDITORS REPORT
Auditors
Report
self-explanatory.

Disclosure in board of directors report explanatory [TextBlock]


Disclosures relating to dividends
Details regarding energy conservation
Details regarding technology absorption
Details regarding foreign exchange earnings and outgo
Details of material changes occurred during period affecting companys
business operations
Details regarding research and development
Particulars of employees as per provisions of section 217
Disclosures in directors responsibility statement
Director's comments on qualification(s), reservation(s) or adverse
remark(s) of auditors as per board's report
Date of Board of directors' meeting in which board's report referred
to under section 217 was approved

12/04/2012

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
The
is

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (1)


Disclosure in board of directors report explanatory [Text Block]
DIRECTORS REPORT
To the Members,
Your Directors are pleased to present their Ninteenth Annual Report together with the Audited Statement of Accounts for the Financial year
ended 31st March, 2012.
Your companys performance during 2011-12 is summarized below:
1. PERFORMANCE OF THE COMPANY
1.1 FINANCIAL RESULTS
Particulars Rs.in Lacs
2011-2012 Rs.in Lacs
2010-2011
Gross Turnover 54896.22 57853.10
Sales and Other Income 49632.30 52852.12
Profit before Dep., Finance Charges and Lease Rent 2548.00 2143.6
Finance Charge
- On Loans and Others 488.20 305.57
- On Finance Lease
Lease Rent
Profit before Depreciation (Cash Profit) 2059.8 1838.03
Depreciation
- On Owned Assets 1265.15 1078.15
- On Leased Assets
Misc. Exp. Written off 0 0
Profit before Tax 794.65 759.88
Provision for Income Tax 276.43 256.17
Provision for Wealth Tax 0.43
Provision for Fringe Benefit Tax
Deferred Tax for Current year -53.48 -80.24
Net Profit After Tax 571.71 583.5
Tax Paid for Previous Year 0 -53.15
Net Profit after Tax of earlier Years and prior period expenses 571.71 636.70
1.2 OPERATIONS
Your company achieved a Gross turnover of Rs. 548.96 Crores and Profit Before Tax of Rs. 7.95 Crores. As compared to the previous year, there
is a decrease of 5.39% in the Turnover. The decrease in the turnover is mainly on account of general slowdown in the automobile market and
labour unrest in the industry resulting in stoppage of production. Discontinuation of old swift model also resulted in loss of business to the
company.
1.3 PROFITABILITY
Your company has achieved Profit before Tax (PBT) of Rs. 794.65 Lacs during the current financial year. This has been made possible by
sustained support from our customers and Joint Venture partner Maruti Suzuki India Limited. The company is gearing itself to meet the
challenges of future sustainable growth in shareholders value.
1.4 DIVIDEND
The Board of Directors does not recommend any dividend for the year ended 31st March, 2012. Various projects under taken by the company are
known to be of highly capital intensive in nature and having long gestation periods. We believe that there are tremendous growth opportunities
and your company would like to capitalize on these by continuing to invest on expansion. We believe that it will further enhance share holders
value.
1.5 PROJECT COMPLETION AND PERFORMANCE
During the year under review, your company has successfully started the mass production and supply of Exhaust System sub assemblies for
Marutis YP-8 (New Swift), YL - 8 (Artiga) and New YV 4(Minor) in technical collaboration with M/s Futaba Industrial Co. Ltd., Japan. Your
company also started the successful mass production of KYJA Motorcycle Muffler of M/s Honda Motorcycle and Scooters India Pvt. Ltd.
2. FUTURE PROSPECTS
Your company has been selected by Maruti Suzuki India Limited for manufacture of Gas Shocks for its YR 9 (Wagon R) Model in technical
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MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

collaboration with M/s M/S Klarius, UK. Start of Production of this model is expected w.e.f. September, 12.
Your company has also been selected for development and manufacturing of Exhaust Systems for new Motorcycle muffler by M/s Suzuki
Motorcycles. Start of Production of this models is expected during Financial year 2012-13.
Your company is under discussion with various Two-wheeler and four wheeler manufacturers operating in India and abroad for supply of Exhaust
Systems and Door Sashes for their various new models.
3. ENVIRONMENT PROTECTION and SAFETY
Your company and its collaborators are jointly working to create a better environment for the future. MESL range of mufflers, Catalytic
Converters and Exhaust Manifold perform a social role by helping to conserve natural energy resources, reduce exhaust pollution and provide
greater safety for product users.
Your company has made significant contribution and innovation in the field of environmental protection and securing the quality of air in spite of
the explosive growth in the Automobile Sector in the country.
In line with our value statement and quality policy, continual improvement with emphasis on safety, wastage and environment and to be a
responsible corporate citizen, environment, health and safety excellence has been extensively promoted as a corporate culture within the
Company.
Your company has developed a structured approach to assess environment, health and safety hazards/issues associated with the research,
development and manufacture of our products. It is our endeavor therefore, to ensure that the workplace is safe and environment is protected at all
times.
Doing the right things right ensures that the environment, including the natural resources are well protected and the industry adopts a model of
sustainable development.
The Company is also committed to improving the safety at the work place. During the year, a number of initiatives were taken towards
strengthening the existing safety infrastructure at the manufacturing sites. Environment, Health and Safety training programs were also organized
on a regular basis for employees. Hygiene at work was continually monitored to ensure that the workplace supports and ensures good health of
the employees.
4. HUMAN RESOURCES
Human resources are the most valued of all assets of the Company. The Company provides challenges, encourages initiative, and recognizes and
rewards excellence through performance incentives, bonus etc. as motivated employees are vital for the success of any business.
The Companys HR policies and processes are aligned to effectively drive its expanding business and forays into emerging opportunities. This
has been achieved by continuously investing in learning and development programs, creating a compelling work environment, empowering
employees at all levels and maintaining well-structured reward and recognition mechanisms.
Employee engagement remains a key focus of HR initiatives undertaken by the Company. The Company enables its employees to meet their
career objectives through rotation across projects, functions and locations. The Company helps employees build new skills and competencies and
promotes knowledge sharing and team building.
During the year the Employee Relations in the company remained harmonious and cordial.
5. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Greater emphasis on effective implementation of control systems has been given by effective functioning of internal audit and inspection
machinery. For this purpose, expert help in the form of outside internal auditors has been taken. The internal auditors are reporting on Quarterly
basis to the Board Audit subcommittee for ensuring effective and speedy compliance of their observations, suggestions and modification in the
systems of the company.
6. CORPORATE GOVERNANCE
MESL has made a significant attempt at incorporating the best practices of corporate governance. Even though requirements of Clause 49 of the
Listing Agreement (Corporate Governance code) are applicable to the companies, which are listed in any of the Stock Exchange of India, MESL
has voluntarily introduced a number of additional disclosures annexed herewith under the heading Corporate Governance Disclosures.
7. DIRECTORS
In accordance with the provisions of Companies Act, 1956 and Articles of Association of the company Sh. S. Natarajan, Sh. Sandeep Chandhok
and Sh. Hiroshi Sakamoto shall retire by rotation at the next Annual General Meeting and being eligible have offered themselves for re
appointment.
Sh. R.P.Goyal, chairman of the company, left for his heavenly abode on 22nd October,2011 after a brief illness.
The company places on record its sincere appreciation and gratitude to Sh.R.P.Goyal for his pioneering efforts during his association with the
company for almost two decades.
8. RESPONSIBILITY STATEMENT
In terms of Section 217(2AA) of the Companies Act,1956, your directors confirm as under :
a) that in the preparation of annual accounts, the applicable accounting standards have been followed and that no material departures have been
made from the same;
b) that they have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012 and of the Profit or Loss of the Company
for the year ended 31st March, 2012;
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MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

c) that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) That they have prepared the annual accounts on a going concern basis.
9. INSURANCE
All properties and insurable assets of the company including Building, Plant and Machinery and stocks had been adequately insured, wherever
necessary, and to the extent required.
10. FIXED DEPOSITS
During the year under review, the company has not accepted any deposit under Section 58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposit) Rules, 1975.
11. AUDITORS
M/s Uberoi Sood and Kapoor, Chartered Accountants, New Delhi, the Statutory Auditors of the Company, retire at the conclusion of ensuing
Annual General Meeting and being eligible offer themselves for reappointment. They have furnished a certificate to the effect that the proposed
re-appointment, if made, will be in accordance with the provisions of Section 224 (1-B) of the Companies Act, 1956.
12. AUDITORS REPORT
The Auditors Report is self-explanatory.
STATUTORY INFORMATION
Particulars of Employees:
In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975, a Statement of particulars of Employees forming a part of Directors report needs to be annexed.
Details of the employees of the company whose remuneration was more than the prescribed limit of Rs. 24,00,000/- per annum is enclosed
herewith, forming part of this report.
TECHNOLOGY ABSORPTION
Statements giving the details of conservation of energy and Efforts made for Technology Absorption in accordance with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 in form A and B are annexed hereto as Annexure - 1 forming part of
this report.
FOREIGN EXCHANGE EARNING AND OUT GO
The foreign exchange inflow - Rs. 29.82 Lacs
The foreign exchange outgo on account of raw material, Technical Know How fee, Traveling, Interest and Royalty was Rs. 4942.39 Lacs.
The foreign exchange outgo on account of Capital Goods and Spares was Rs. 711.66 Lacs.

ACKNOWLEDGMENT
The Board of Directors wish to place on record their sincere gratitude for the cooperation extended to the company by the Central Government,
Government of Haryana, its bankers namely Mizuho Corporate Bank Ltd., Corporation Bank, Standard Chartered Bank, HDFC Bank Limited and
its technical collaborators namely, Futaba Industrial Co. Ltd., Japan.
The Directors also wish to place on record their appreciation for valuable suggestions, co-operation and timely assistance received by the
company from Maruti Suzuki India Limited.
Your directors wish to place on record their appreciation to employees at all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the Company to remain at the forefront of the industry despite increased
competition from several existing and new players.
On behalf of the Board
Rattan Kapur
Chairman Cum Managing Director
Date : 12th April,2012
Place : New Delhi.
ANNEXURE TO DIRECTORS' REPORT
Information as per Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 and forming part of the Directors Report for the year ended 31st March, 2012.
(A) Conservation of Energy
[a] Energy Conservation Measures
Taken :

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[b] Additional investment and proposals, if any, being implemented for reduction of consumption of energy.
[c] Impact of the measures at (a) and
(b) above for reduction of energy consumption and consequent impact on the cost of production of goods
[d] Total energy consumption The company is according a special focus on energy conservation and the continuous efforts are being made to
optimize and reduce energy consumption. The company follows a strict schedule of preventive maintenance and servicing of its energy intensive
machines and equipments to ensure that they operate at optimum energy consumption levels.
Nil

Reduction in Cost of Production and improvement in the maintenance of the machines.


The status of Power and Fuel consumption is as given in Form A below :
FORM A
Form for disclosure of particulars with respect to conservation of energy
POWER and FUEL CONSUMPTION PERIOD ENDING 31ST MARCH, 2012 PERIOD ENDING 31ST MARCH, 2011
1. Electricity
[a] Purchased Units 4733620 51,29,649
Total Amount Rs. 26318927 2,68,78,476
Rate/Unit Rs. 5.56 5.24
[b] Own Generation :
(I) Thorough Diesel Generators
Units Generated (KWH) 2060635 19,92,000
Units per Liter of Diesel 3.56 3.44
Cost per Unit Rs. 15.32/- 13.91/(II) Through Others nil nil
(B) TECHNOLOGY ABSORPTION
Efforts made in technology absorption are as given below in Form - B.
FORM B
Form for disclosure of particulars with respect to Technology Absorption
Research and Development (R and D) :
1. Specific areas in which R and D carried out by the Company

2. Benefit derived as a result of the


above R and D.

3. Future plan of Action

4. Expenditure on R and D
Technology absorption, adaptation and innovation
1. Efforts in brief made towards technology absorption adaptation and innovation.

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

2. Benefit derived as a result of the above efforts e.g. product improvement, cost reduction, product development, import substitution.
3. In case of imported technology (imported during last 5 years reckoned from the beginning of the financial year) following information may be
furnished.
a] Technology imported

b] Year of Import

c] Has technology been fully absorbed

d] If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action. 1.1) New Model Technology
Absorption.
1.2) Indigenization of CKD parts.
1.3) Development of new models for
Exports.
2.1) Commercial Production of New
Models started.
2.2) Reduction in the material cost by
Decrease in Import of CKD parts.
3.1) Localization of Door sashes.
3.2) Development of new models for export market by using in-house technology.
3.3) Development of mufflers for 2 wheelers using in-house design and development expertise.
Amount incurred has been shown under respective account heads.

The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken Kogyo Co. Ltd. Japan and M/s Futaba Industrial Co.
Ltd, Japan. The company has fully absorbed the technology and started making components using the technology.
Our customers have been able to save massive foreign exchange outflow on account of our companys efforts as exhaust systems and Door
Sashes were earlier imported by them.

The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken Kogyo Co. Ltd., Japan and M/s Futaba Industrial Co.
Ltd, Japan.
For Exhaust Systems: 2004-05, 2005-06, 2006-07,2007-08
For Door Sashes : 2000-01, 2004-05
Yes. The company is now designing new products for its customers using in house technology.
Not Applicable.

Annexure B
Information under Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 and forming part
of Directors report for the year ending 31st March, 2012.
Name / Designation Gross Remuneration (Rs) Qualification Experience in Years Date of Commencement of Employment Age Last employment
before joining company
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MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Rattan Kapur, Managing Director 6662130/- B.Com. (Hons.) 33 Years 1st January, 1998 56 Years Mark Auto Industries Limited
Rohan Kapur Executive Director 3504000/- Graduate 7 Years 14th April, 2005 29 Years First Employment
- Gross remuneration comprises of salary, allowances, companys contribution to Provident fund and taxable value of other perquisites.
- The appointment of Managing Director is on contractual basis for a period of five years w.e.f. 1st October, 2011.
- The Appointment of Executive Director is on contractual basis for the period of Five Years w.e.f. 14th April 2010.
CORPORATE GOVERNANCE
1. THE COMPANYS PHILOSOPHY ON CODE OF CORPORATE GOVERNANCE
The companys Philosophy on Code of Governance as adopted by the company is as under:
Ensure that the quantity, quality and frequency of financial and managerial information, which management shares with the Board, fully places
the board members in control of the company affairs.
Ensure that the Board exercises its fiduciary responsibilities towards shareholders and creditors, thereby ensuring high accountability.
Ensure that decision-making is transparent and documentary evidence is traceable through the minutes of the meetings of the Board/ Committee
thereof.
The board, the employees and all concerned are fully committed towards maximizing long-term value to the shareholders and the company.
Ensure that the core values of the company are protected.
Ensure that the company upgrades it self from time to time to be at par with any other world class company in automobile sector.
2. BOARD OF DIRECTORS
Meetings and Attendance
During the year ended 31st March 2012, Four Board meetings were held on the following Dates (i) 11th April, 2011 (ii) 16th July, 2011 (iii) 23rd
November, 2011 (iv) 28th January, 2012.
Attendance of Directors at Board Meeting
and the Annual General Meeting (AGM) (16th July, 2011)
Name of Director No. of Board meetings attended Whether attended the AGM
Mr. R.P. Goyal
Chairman 01 No
Mr. Rattan Kapur
Managing Director 04 Yes
Mr. M. M. Singh
Additional Director 04 Yes
Mr. S. Natarajan
Director 04 Yes
Mr. Rohan Kapur
Director 03 Yes
Mr. K.T. S. Tulsi
Director 04 Yes
Mr. Sandeep Chandhok
Director 04 Yes
Mr. Hiroshi Sakamoto
Director 04 Yes
3. COMMITTTEES OF THE BOARD
(i) Audit Committee
Terms of Reference of the Audit Committee are as per Section 292 A of the Companies Act, 1956, includes overseeing financial reporting
processes, reviewing periodic financial results, reviewing with the management the financial statements and adequacy of internal control systems,
reviewing the adequacy of internal audit function, discussions with the auditors about the scope of audit including the observations of the
auditors, discussion with internal auditors on any significant findings, reviewing the performance of Statutory Auditors and Internal Auditors and
recommend their appointment and remuneration to the board, considering their independence and effectiveness.
Composition and Attendance
During the year ended March 31, 2012, Four meetings of the audit Committee was held on the following date: i) 11th April, 2011 (ii) 16th July,
2011 (iii) 23rd November 2011 (iv) 28th January, 2012.
Name of director No. Meetings attended
Mr. R.P. Goyal
Chairman 01
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MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Mr. S. Natarajan
Director 04
Mr. K.T. S. Tulsi
Director 04
Mr. Sandeep Chandhok
Director 04
The Company Secretary acts as the Secretary of the committee.
ii) Remuneration Committee
MESL has a duly constitute Remuneration Committee. The committee consists of two independent Directors namely, Mr. S. Natarajan, Director
and Mr. K.T.S. Tulsi, Director.
Remuneration Policy
The Remuneration Policy of the Company for managerial personnel is primarily based on the following:
Performance of the company, its divisions and units.
Track record, potential and performance of individual managers and External competitive environment.
Remuneration of Directors (for the year ended 31st March, 2012)
The remuneration of the directors is decided by the board of Directors as per the recommendation of the Remuneration Committee and
remunerations policy of the company within the ceiling fixed by the shareholders.
(iii) Share Transfer Committee
During the year ended March 31 2012, no meeting of Share Transfer Committee was held.
4. GENERAL BODY MEETINGS
The Last three Annual General Meeting were held as per details given below:
Year Date Day Time Venue
2009 17/07/2009 Friday 6.00 P.M. Hotel Taj Palace, 2 Sardar Patel Marg, New Delhi
2010 17/07/2010 Saturday 600 P.M Hotel Taj Palace, 2 Sardar Patel Marg, New Delhi
2011 16/07/2011 Saturday 600 P.M Hotel Taj Palace, 2 Sardar Patel Marg, New Delhi
No special Resolution was put through postal ballot last year nor is it proposed to put any special resolution to vote through postal ballot this year.

DISCLOSURES PURSUANT OT SCHEDULE XIII, PART II, IN SECTION II PARAGRAPH 1, CLAUSE (B) IV (2), AS AMENDED VIDE
NOTIFICATION NO. GSR 36 (E), DATED 16TH JANUARY, 2002 BY DEPARTMENT OF COMPANY AFFAIRS:
I. Executive Directors
Name of the Director Salary and Allowances (Rs.)
Commission
(Rs.) Perquisites
(Rs.) Contribution to PF
Tenure
Mr. Rattan Kapur
Managing Director
5782462/- Nil 512468/- 367200/- 5 Years
Mr. Rohan Kapur Executive Director 3240000/- Nil 48000/- 216000/- 5 Years
Exclusive of provision for future liabilities in respect of retirement benefits, which are based on actuarial valuation done on overall Company
basis.

Non Executive Directors


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MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Name of the directors Commission


(Rs.) Sitting Fees*
(Rs. )
Mr. R.P. Goyal
Chairman Nil 30000/Mr. M. M. Singh,
Additional Director Nil 70000/Mr. S. Natarajan
Director 274700/- 150000/Mr. K.T. S. Tulsi
Director 274700/- 150000/Mr. Sandeep Chandhok
Director 274700/- 140000/Mr. Hiroshi Sakamoto
Director Nil 70,000/* Non-executive directors are paid sitting fees of Rs. 20,000/-.
II(a) Details of contract with Managing Director
Nature of Contract : Service Contract
Date of Contract : 1st October, 2011
Tenure of Contract : 5 Years
Notice Period : Nil
Severance Fees : If the period of service of the Managing Director is terminated earlier than the expiry of his contracted period, he shall be
entitled to compensation as provided in the Companies Act, 1956.

II(b) Details of contract with Executive Director


Nature of Contract : Service Contract
Date of Contract : 14th April 2010
Tenure of Contract : 5 Years
Notice Period : Nil
Severance Fees : If the period of service of the Executive Director is terminated earlier than the expiry of his contracted period, he shall be
entitled to compensation as provided in the Companies Act, 1956.
III No stock options are offered or issued to any Director.

5. DISCLOSURES
A. Related Party Transactions
The Company has not entered into any transaction of material nature with the promoters the Directors or the management, their subsidiaries or
relatives etc. that may have any potential conflict with the interests of the company.
B. Compliances by the Company
The Company has complied with the requirements of the SEBI and other statutory authorities on all matters related to capital markets during the
last three years; no penalties or strictures have been imposed on the Company by the SEBI or any other statutory authorities relating to the above.
Plant Locations of the Company
1. 39/7, Begumpur Khatola
Delhi Jaipur highway
Gurgaon- 122001
2. Village Binola, Bhora Kalan,
Delhi Jaipur highway
Distt Gurgaon
Gurgaon.

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MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Address for Correspondence


The shareholders may address their communications/ suggestions/ grievances/ queries to:
The Company Secretary
Mark Exhaust Systems
39/7, Begumpur Khatola
Delhi Jaipur highway
Gurgaon 122 001

Textual information (2)


Disclosures relating to dividends
1.4 DIVIDEND The Board of Directors does not recommend any dividend for the year ended 31st March, 2012. Various projects under taken by
the company are known to be of highly capital intensive in nature and having long gestation periods. We believe that there are tremendous growth
opportunities and your company would like to capitalize on these by continuing to invest on expansion. We believe that it will further enhance
share holders value.

Textual information (3)


Details regarding energy conservation
Information as per Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 and forming part of the Directors Report for the year ended 31st March, 2012. (A) Conservation of Energy [a] Energy
Conservation Measures Taken : [b] Additional investment and proposals, if any, being implemented for reduction of consumption of energy. [c]
Impact of the measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods [d]
Total energy consumption The company is according a special focus on energy conservation and the continuous efforts are being made to
optimize and reduce energy consumption. The company follows a strict schedule of preventive maintenance and servicing of its energy intensive
machines and equipments to ensure that they operate at optimum energy consumption levels. Nil Reduction in Cost of Production and
improvement in the maintenance of the machines. The status of Power and Fuel consumption is as given in Form A below : FORM A Form for
disclosure of particulars with respect to conservation of energy POWER & FUEL CONSUMPTION PERIOD ENDING 31ST MARCH, 2012
PERIOD ENDING 31ST MARCH, 2011 1. Electricity [a] Purchased Units 4733620 51,29,649 Total Amount Rs. 26318927 2,68,78,476
Rate/Unit Rs. 5.56 5.24 [b] Own Generation : (I) Thorough Diesel Generators Units Generated (KWH) 2060635 19,92,000 Units per Liter of
Diesel 3.56 3.44 Cost per Unit Rs. 15.32/- 13.91/- (II) Through Others nil nil

Textual information (4)


Details regarding technology absorption
TECHNOLOGY ABSORPTION Statements giving the details of conservation of energy and Efforts made for Technology Absorption in
accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 in form A & B are annexed hereto as
Annexure - 1 forming part of this report.1. Specific areas in which R & D carried out by the Company 2. Benefit derived as a result of the above
R & D. 3. Future plan of Action 4. Expenditure on R & D Technology absorption, adaptation and innovation 1. Efforts in brief made towards
technology absorption adaptation and innovation. 2. Benefit derived as a result of the above efforts e.g. product improvement, cost reduction,
product development, import substitution. 3. In case of imported technology (imported during last 5 years reckoned from the beginning of the
financial year) following information may be furnished. a] Technology imported b] Year of Import c] Has technology been fully absorbed d] If
not fully absorbed, areas where this has not taken place, reasons therefore & future plans of action. 1.1) New Model Technology Absorption. 1.2)
Indigenization of CKD parts. 1.3) Development of new models for Exports. 2.1) Commercial Production of New Models started. 2.2) Reduction
in the material cost by Decrease in Import of CKD parts. 3.1) Localization of Door sashes. 3.2) Development of new models for export market by
using in-house technology. 3.3) Development of mufflers for 2 wheelers using in-house design and development expertise. Amount incurred has
been shown under respective account heads. The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken Kogyo
Co. Ltd. Japan and M/s Futaba Industrial Co. Ltd, Japan. The company has fully absorbed the technology and started making components using
the technology. Our customers have been able to save massive foreign exchange outflow on account of our companys efforts as exhaust systems
and Door Sashes were earlier imported by them. The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken
Kogyo Co. Ltd., Japan and M/s Futaba Industrial Co. Ltd, Japan. For Exhaust Systems: 2004-05, 2005-06, 2006-07,2007-08 For Door Sashes :
2000-01, 2004-05 Yes. The company is now designing new products for its customers using in house technology. Not Applicable.

11

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (5)


Details regarding foreign exchange earnings and outgo
FOREIGN EXCHANGE EARNING AND OUT GO The foreign exchange inflow - Rs. 29.82 Lacs The foreign exchange outgo on account of
raw material, Technical Know How fee, Traveling, Interest and Royalty was Rs. 4942.39 Lacs. The foreign exchange outgo on account of Capital
Goods and Spares was Rs. 711.66 Lacs.

Textual information (6)


Details of material changes occurred during period affecting companys business operations
1.5 PROJECT COMPLETION AND PERFORMANCE During the year under review, your company has successfully started the mass
production and supply of Exhaust System sub assemblies for Marutis YP-8 (New Swift), YL - 8 (Artiga) and New YV 4(Minor) in technical
collaboration with M/s Futaba Industrial Co. Ltd., Japan. Your company also started the successful mass production of KYJA Motorcycle Muffler
of M/s Honda Motorcycle and Scooters India Pvt. Ltd.

Textual information (7)


Details regarding research and development
Research and Development (R & D) : 1. Specific areas in which R & D carried out by the Company 2. Benefit derived as a result of the above R
& D. 3. Future plan of Action 4. Expenditure on R & D Exports. 2.1) Commercial Production of New Models started. 2.2) Reduction in the
material cost by Decrease in Import of CKD parts. 3.1) Localization of Door sashes. 3.2) Development of new models for export market by using
in-house technology. 3.3) Development of mufflers for 2 wheelers using in-house design and development expertise. Amount incurred has been
shown under respective account heads. The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken Kogyo Co.
Ltd. Japan and M/s Futaba Industrial Co. Ltd, Japan. The company has fully absorbed the technology and started making components using the
technology. Our customers have been able to save massive foreign exchange outflow on account of our companys efforts as exhaust systems and
Door Sashes were earlier imported by them. The company has entered into a Technical Collaboration Agreement with M/s Sankei Giken Kogyo
Co. Ltd., Japan and M/s Futaba Industrial Co. Ltd, Japan. For Exhaust Systems: 2004-05, 2005-06, 2006-07,2007-08 For Door Sashes : 2000-01,
2004-05 Yes. The company is now designing new products for its customers using in house technology. Not Applicable.

Textual information (8)


Particulars of employees as per provisions of section 217
Particulars of Employees: In accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975, a Statement of particulars of Employees forming a part of Directors report needs to be annexed. Details of the
employees of the company whose remuneration was more than the prescribed limit of Rs. 24,00,000/- per annum is enclosed herewith, forming
part of this report.Annexure B Information under Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of
Employees) Rules, 1975 and forming part of Directors report for the year ending 31st March, 2012. Name / Designation Gross Remuneration
(Rs) Qualification Experience in Years Date of Commencement of Employment Age Last employment before joining company Rattan Kapur,
Managing Director 6662130/- B.Com. (Hons.) 33 Years 1st January, 1998 56 Years Mark Auto Industries Limited Rohan Kapur Executive
Director 3504000/- Graduate 7 Years 14th April, 2005 29 Years First Employment - Gross remuneration comprises of salary, allowances,
companys contribution to Provident fund and taxable value of other perquisites. - The appointment of Managing Director is on contractual basis
for a period of five years w.e.f. 1st October, 2011. - The Appointment of Executive Director is on contractual basis for the period of Five Years
w.e.f. 14th April 2010.

Textual information (9)


Disclosures in directors responsibility statement
8. RESPONSIBILITY STATEMENT In terms of Section 217(2AA) of the Companies Act,1956, your directors confirm as under : a) that in the
preparation of annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the
same; b) that they have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012 and of the Profit or Loss of the Company
for the year ended 31st March, 2012; c) that they have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities; d) That they have prepared the annual accounts on a going concern basis.

12

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[400200] Disclosures - Auditors report


Details regarding auditors [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Auditors [Axis]

Auditors1

01/04/2011
to
31/03/2012
Details regarding auditors [Abstract]
Details regarding auditors [LineItems]
Category of auditor

Auditors firm
Uberoi Sood &
Kapoor
Sachin Dev Sharma
001462N
080399
606, Vishal Bhawan,
95 Nehru Place,
New DElhi-110019
AAAFU1674L
Z99999999
12/04/2012
12/04/2012

Name of audit firm


Name of auditor signing report
Firms registration number of audit firm
Membership number of auditor
Address of auditors
Permanent account number of auditor or auditor's firm
SRN of form 23B
Date of signing audit report by auditors
Date of signing of balance sheet by auditors

13

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Axis]

Auditor's
favourable remark
[Member]

01/04/2011
to
31/03/2012
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report [Abstract]
Disclosure of auditor's qualification(s), reservation(s) or adverse remark(s) in auditors' report
[LineItems]
Disclosure in auditors report relating to fixed assets

Disclosure relating to quantitative details of fixed assets

Disclosure relating to physical verification and material discrepancies of fixed assets

Disclosure relating to fixed assets disposed off


Disclosure in auditors report relating to inventories
Disclosure of physical verification of inventories at fixed intervals

Disclosure of procedure followed for physical verification of inventories

Disclosure about maintenance of inventory records and material discrepancies


Disclosure in auditors report relating to loans
Disclosure about loans granted or taken by parties covered under section 301 of companies act
Disclosure regarding terms and conditions of loans granted or taken
Disclosure regarding terms of payment of loans granted or taken
Disclosure regarding terms of recovery of loans granted or taken
Disclosure in auditors report relating to internal control system
Disclosure in auditors report relating to contracts and arrangements under section 301 of companies
act

Disclosure relating to presence of register for necessary transactions

Disclosure relating to reasonability of transactions


Disclosure in auditors report relating to deposits accepted from public

14

Yes
(a) The Company
has
maintained
proper
records
showing
full
particulars including
quantitative details
and situation of fixed
assets.
Textual information
(10) [See below]
(c) No substantial
part of the fixed
assets has been
disposed off during
the year.
Yes
(a) The inventory
has been physically
verified by the
management
at
reasonable intervals.
(b) The procedures
of
physical
verification
of
inventories followed
by the management
are reasonable and
adequate in relation
to the size of the
company and the
nature
of
its
business.
Textual information
(11) [See below]
Yes
Textual information
(12) [See below]
As in point 3(a)
&3(b) above
As in point 3(a)
&3(b) above
As in point 3(a)
&3(b) above
Textual information
(13) [See below]
Yes
5(a) The particulars
of contracts or
arrangements
reffered to in section
301 of the Act have
been entered in the
register required to
be maintained under
that section
Textual information
(14) [See below]
Textual information
(15) [See below]

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure in auditors report relating to companies internal audit system

Disclosure in auditors report relating to maintenance of cost records


Disclosure in auditors report relating to statutory dues
Disclosure relating to regularity in payment of undisputed statutory dues
Disclosure relating to disputed statutory dues

Disclosure in auditors report relating to accumulated losses

Disclosure in auditors report relating to default in repayment of financial dues


Disclosure in auditors report relating to loans and advances granted by way of pledge of shares
debentures and other securities
Disclosure in auditors report relating to provisions under special statute
Disclosure relating to repayment schedule and procedure of recovery
Disclosure in auditors report relating to adequacy of records maintained by share trading companies

Disclosure in auditors report relating to guarantee given

Disclosure in auditors report relating to term loans used for purpose other than for purpose they
were raised

Disclosure in auditors report relating to nature and amount of fund raised for short-term has
been used for long-term or vice versa

Disclosure in auditors report relating to preferential allotment of shares

Disclosure in auditors report relating to securities created against debentures issued

Disclosure in auditors report relating to purpose and end use of money raised through public issues

15

7. In our opinion, the


Company has an
internal audit system
commensurate with
the size and nature
of its business.
Textual information
(16) [See below]
Yes
Textual information
(17) [See below]
Textual information
(18) [See below]
10. The company
does
not
have
accumulated losses.
The company has
not incurred any
cash loss during the
financial
year
covered by our audit
and
in
the
immediately
preceding financial
year
11.The companies
has not defaulted in
repayment of dues to
a financial institution
or banks.
Textual information
(19) [See below]
13. Clause -(Xiii) is
not applicable to the
company
11. The company
has not defaulted in
Textual information
(20) [See below]
15. The company
has not given any
guarantee for loans
taken by others from
bank or financial
institutions.
16. According to the
information
and
explanations given
to us, the term loans
have been applied
for the purpose for
which they were
raised
17. In our opinion
and according to the
information
and
explanations given
to us, the funds
raised on short terms
basis have not been
used for long term
investments.
18. The company
has not made any
preferential
allotment of shares
to
parties
and
companies covered
in
the
register
maintained
under
section 301 of the
Act.
19. The company
has not issued any
debentures.
20. No money has
been raised by public
issues
by
the
company.

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012
21. According to the
information
and
explanations given
by the management,
we report that no
fraud on or by the
company has been
noticed or reported
during the year.

Disclosure in auditors report relating to any material fraud reported during period

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Textual
information
[See below]
Yes

Disclosure in auditors report explanatory [TextBlock]


Whether companies auditors report order is applicable on company
Whether auditors' report has been qualified or has any reservations or
contains adverse remarks

(21)

No

Textual information (10)


Disclosure relating to physical verification and material discrepancies of fixed assets
All the Assets have been physically verified by the management during the year. There is a regular programme of verification, which in our
opinion, is reasonable, having regards to the size of the company and nature of its assets. No material discrepancies were noticed on such
verification

Textual information (11)


Disclosure about maintenance of inventory records and material discrepancies
(c) On the basis of our examination of the records of inventory, we are of the oponion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the physical stocks and book records are not materialced on verification between the
physical stocks and the book records were not material.

Textual information (12)


Disclosure about loans granted or taken by parties covered under section 301 of companies act
3 (a) The company has not taken any loans from companies, firms or other parties covered in the register maintained under section 301 of the
Companies Act, 1956. Accordingly, sub-clauses (iii)(b) to sub-clauses (iii)(d) of the Order are not applicable to the company. (b) The company
has not taken any loans from companies, firm or other parties covered in the register maintained under section 301 of the Companies Act, 1956.
Accordingly, sub-clauses (iii)(f) to sub-clauses (iii)(g) of the Order are not applicable to the company

Textual information (13)


Disclosure in auditors report relating to internal control system
4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with
the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.

Textual information (14)


Disclosure relating to reasonability of transactions
5(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of the Act in respect of any party during the year have been made at prices
which are reasonable having regards to prevailing market prices at the relevant time.

16

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (15)


Disclosure in auditors report relating to deposits accepted from public
6. The Company has not accepted any deposits from the public to which provisions of section 58A, 58AA or any other relevent provision of the
Companies Act, 1956 and the rules made thereunder would apply.

Textual information (16)


Disclosure in auditors report relating to maintenance of cost records
8. We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the Comapny pursuant to
the rules made by the Central Goverment for the mainitanice of cost records under section 209(1)(d) of the Comapnies Act, 1956 and we are of
the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed
examination of records with a view to determining whether they are accurate or complete.

Textual information (17)


Disclosure relating to regularity in payment of undisputed statutory dues
9 (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees state insurence, investor education and protection fund, income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues applicable to it. Accordingly to the information and explanations given to us, no undisputed
amounts payable in respect of provident fund, employees state insurance, investor education and protection fund, income tax, wealth tax, sales
tax, service tax, customs duty and excise duty were outstanding, as at 31st March, 2012 for a period of more then six months from the date they
become payable

Textual information (18)


Disclosure relating to disputed statutory dues
9 (b) According to the records of the company, there are no dues on account of any dispute of income tax, sales tax, wealth tax, service tax,
custum duty, excise duty, cess except the following: Nature of statutory dues : TDS : Amount in Lacs (Rs.54.57) Period to which the amt relates
Assesment yrs (2001-02 to 2006-07) Forum where the dspute is pending (Appeal has been filed with ITAT Delhi. ITAT delhi has set aside the
order and the matter is restored back to CIT (A) for a fresh decision. Income Tax: Amount in Lacs: 87.23 (Assesement Yr 2009-10 . Forum where
the dispute is pending Jt Commissioner of Income Tax (OSD)

Textual information (19)


Disclosure in auditors report relating to loans and advances granted by way of pledge of shares debentures and other
securities
12. Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the
baisi of security by way of pledge of shares, debentures and other securities.

Textual information (20)


Disclosure in auditors report relating to adequacy of records maintained by share trading companies
14. The company is not dealing or trading in shares, securities, debentures except investment in shares for which proper records have been
maintained and timely enteries have been made in those records. We also report that the company has held the shares, debenture and other
investments inits own name

17

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (21)


Disclosure in auditors report explanatory [Text Block]

INDEPENDENT AUDITORS REPORT


To The Members of
Mark Exhaust Systems Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Mark Exhaust Systems Limited (the Company), which comprise the Balance Sheet
as at 31 March, 2012, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the
Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due
to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31 March, 2012;
(b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section
(4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the order.

18

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

2. As required by section 227(3) of the Act, we report that:


a. we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;

e. on the basis of written representations received from the directors as on 31 March, 2012, and taken on record by the Board of Directors, we do
hereby certify that none of the directors of the company as on 31 March, 2012, is disqualified for appointment as a director in terms of clause (g)
of sub section (1) of section 274 of the Companies Act, 1956 on the said date;

For UBEROI SOOD and KAPOOR


CHARTERED ACCOUNTANTS
(Firm Registration No. 001462N)

Sd/- S.D. SHARMA


Place: New Delhi PARTNER
Date: 12/04/2012 (M. No.80399)

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT


Annexure referred to in paragraph 1 under the heading Report on Other Legal and Regulatory Requirements of our report of even date
Re: Mark Exhaust Systems Limited (the Company)
1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) All the assets have been physically verified by the management during the year. There is a regular programme of verification, which, in our
opinion, is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such
verification.
(c) No substantial part of the fixed assets has been disposed off during the year.
2. (a) The inventory has been physically verified by the management at reasonable intervals.
(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the physical stocks and book records were not material.

19

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

3. (a) The company has not granted any loans to the companies, firms or other parties covered in the register maintained under section 301 of the
Companies Act, 1956. Accordingly, sub-clauses (iii)(b) to sub-clauses (iii)(d) of the Order are not applicable to the company.
(b) The company has not taken any loans from companies, firms or other parties covered in the register maintained under section 301 of the
Companies Act, 1956. Accordingly, sub-clauses (iii)(f) to sub-clauses (iii)(g) of the Order are not applicable to the company.
4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with
the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services.
5. (a) The particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained
under that section.
(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of the Act in respect of any party during the year have been made at prices
which are reasonable having regard to prevailing market prices at the relevant time.
6. The company has not accepted any deposits from the public to which the provisions of section 58A, 58AA or any other relevant provision of
the Companies Act, 1956 and the rules made thereunder would apply.
7. In our opinion, the company has an internal audit system commensurate with the size and the nature of its business.
8. We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to
the Rules made by the Central Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 and we are
of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed
examination of the records with a view to determining whether they are accurate or complete.
9. (a) According to the records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees state insurance, investor education and protection fund, income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess and other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, employees state insurance, investor education and protection fund, income tax, wealth tax, sales tax, service
tax, customs duty and excise duty were outstanding, as at 31 March, 2012 for a period of more than six months from the date they became
payable.
(b) According to the records of the company, there are no dues on account of any dispute of income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess except the following:Nature of the Statutory Dues Amount (` in Lacs) Period to which the amount relates Forum where the dispute is pending
T. D. S. 54.57 Assessment Years
2001-02 to 2006-07 Appeal has been filed with ITAT Delhi. ITAT Delhi has set aside the order and the matter is restored back to CIT (A) for a
fresh decision.
Income Tax 87.23 Assessment Year
2009-10 Jt. Commissioner of Income Tax(OSD)
10. The company does not have accumulated losses. The company has not incurred any cash loss during the financial year covered by our audit
and in the immediately preceding financial year.
11. The company has not defaulted in repayment of dues to a financial institution or banks.
12. Based on our examination of documents and records, we are of the opinion that the company has not granted any loans and advances on the
basis of security by way of pledge of shares, debentures and other securities.
13. Clause(xiii) is not applicable to the company.
14. The company is not dealing or trading in shares, securities and debentures except investment in shares for which proper records have been
maintained and timely entries have been made in those records. We also report that the company has held the shares, debentures and other
investments in its own name.
15. The company has not given any guarantee for loans taken by others from bank or financial institutions.
16. According to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised.
17. In our opinion and according to the information and explanations given to us, the funds raised on short terms basis have not been used for long
term investments.
18. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301
of the Act.
19. The company has not issued any debentures.
20

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

20. No money has been raised by public issues by the company.


21. According to the information and explanations given by the management, we report that no fraud on or by the company has been noticed or
reported during the year.
For UBEROI SOOD and KAPOOR
CHARTERED ACCOUNTANTS
(Registration No. 001462N)

Sd/- S.D. SHARMA


Place: New Delhi PARTNER
Date: 12/04/2012 (M. No.80399)

21

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[100100] Balance sheet


Unless otherwise specified, all monetary values are in Lakhs of INR
31/03/2012
Balance sheet [Abstract]
Equity and liabilities [Abstract]
Shareholders' funds [Abstract]
Share capital
Reserves and surplus
Total shareholders' funds
Share application money pending allotment
Non-current liabilities [Abstract]

1,000
3,353.16
4,353.16
0

Long-term borrowings
Deferred tax liabilities (net)
Other long-term liabilities
Long-term provisions
Total non-current liabilities
Current liabilities [Abstract]
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
Total current liabilities
Total equity and liabilities
Assets [Abstract]
Non-current assets [Abstract]
Fixed assets [Abstract]
Tangible assets
Intangible assets
Tangible assets capital work-in-progress
Total fixed assets
Non-current investments
Long-term loans and advances
Other non-current assets
Total non-current assets
Current assets [Abstract]
Current investments
Inventories
Trade receivables
Cash and bank balances
Short-term loans and advances
Total current assets
Total assets

22

31/03/2011

1,000
2,781.45
3,781.45
0

4.75

(A) 1,779.6
634.02
46.6

687.5
29.25

(B) 78.88
2,539.1

(C) 61.12
782.62

(D) 1,064.6
9,540.76
1,056.28

(E) 1,073.93
10,166.99
2,102.36

(F) 241.81
11,903.45
18,795.71

(G) 159.46
13,502.74
18,066.81

(H) 8,545.36
0
153.05
8,698.41

(I) 8,114.72
0
152.52
8,267.24

(J) 9.44
441.27
0
9,149.12

(K) 9.44
1,021.7
0
9,298.38

0
3,208.48
4,772.56
231.9
1,433.65
9,646.59
18,795.71

0
2,389.57
4,562.31
995.3
821.25
8,768.43
18,066.81

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Footnotes
(A) ECB Loan taken from MIZUHO Corporate Bank Limited is payable half yearly installment as per amortization schedule starting
from October 31, 2013 to April 30, 2016
(B) Provisions for employees Benefits Leave encashment
(C) Provisions for employees Benefits Leave encashment
(D) Secured Loans *Loans repayable on demand from Bank :Rs.991.66 **Related Parties : Rs.72.94 * The cash Credit Facilities taken
from Corporation Bank, Standard Chartered Bank, Mizuhu Corporate Bank Ltd & Yes Bank Ltd are secured by hypothecation stock of
raw material, work in progress, Finished Goods and other materials and book debts. ** Payable in monthly installment as per repayment
schedule (Secured by Hypothecation of respective fixed assets)
(E) Secured Loans *Loans repayable on demand from Bank :Rs.1062.84 **Related Parties : Rs.11.09 * The cash Credit Facilities taken
from Corporation Bank, Standard Chartered Bank, Mizuhu Corporate Bank Ltd & Yes Bank Ltd are secured by hypothecation stock of
raw material, work in progress, Finished Goods and other materials and book debts. ** Payable in monthly installment as per repayment
schedule (Secured by Hypothecation of respective fixed assets)
(F) Provisions for employees benefits: Leave Encashments Rs.2.76 Provision for Bonus: Rs.36.49 Gratuity Rs. 5.40 Other Rs. 166.06
Provisions for Taxation (Net) Rs. 31.10
(G) Provisions for employees benefits: Leave Encashments Rs.5.70 Provision for Bonus: Rs.28.09 Gratuity Rs. 0 Other Rs. 125.67
Provisions for Taxation (Net) Rs. 0
(H) Vehicles include Vehicles on hire purchase (Gross Block) amounting to Rs. 42.25 lacs (Previous Yrs Rs. 52.16 Lacs) During the
year, the company has changed the accounting policy for charging depreciation on JIGS & DIES capitalized under the head Plant &
Equipment. The rate has been changed from 11.31% to 19% on SLM basis. This change has resulted in reduction of profit for the year
ended 31.3.2012 by Rs. 18.71 lacs.
(I) The amount of Foreign exchange fluctuation increased to the carrying amount of plant & machinery during the year is Rs.210.74/(Previous Yr. -288.67 decreased)
(J) Aggregate Value of Quoted investment. Book Value 9.44 & market value 80.93
(K) Aggregate Value of Quoted investment. Book Value 9.44 & market value 105.05

[400300] Disclosures - Signatories of balance sheet


Details of directors signing balance sheet [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Directors signing balance sheet [Axis]

DirectorsSigningBalanceSheet1 DirectorsSigningBalanceSheet2

01/04/2011
to
31/03/2012
Details of signatories of balance sheet [Abstract]
Details of directors signing balance sheet [Abstract]
Details of directors signing balance sheet [LineItems]
Name of director signing balance sheet [Abstract]
First name of director
Last name of director
Designation of director
Director identification number of director
Date of signing of balance sheet by director

Rattan
Kapur
Managing Director
00304573
12/04/2012

01/04/2011
to
31/03/2012

Seshagiri
Natarajan
Director
00457834
12/04/2012

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Name of company secretary
Permanent account number of company secretary
Date of signing of balance sheet by company secretary

SANJAY GUPTA
ADNPG1413B
12/04/2012

23

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[100400] Cash flow statement, indirect


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Statement of cash flows [Abstract]
Cash flows from used in operating activities [Abstract]
Profit before extraordinary items and tax
Adjustments for reconcile profit (loss) [Abstract]
Adjustments to profit (loss) [Abstract]
Adjustments for finance costs
Adjustments for depreciation and amortisation expense
Adjustments for dividend income
Other adjustments for which cash effects are investing or
financing cash flow
Other adjustments to reconcile profit (loss)
Other adjustments for non-cash items
Share of profit and loss from partnership firm or
association of persons or limited liability partnerships
Total adjustments to profit (loss)
Adjustments for working capital [Abstract]
Adjustments for decrease (increase) in inventories
Adjustments for decrease (increase) in trade receivables
Adjustments for decrease (increase) in other current and
non-current assets
Adjustments for increase (decrease) in trade payables

01/04/2010
to
31/03/2011

794.65

759.49

233.3
1,265.15
1.16

40.03
1,078.15
2.37

(A) -3.8

(B) 0.58

(C) -40.61
0

(D) -5.15
0

1,452.88

1,111.24

(E) -818.91

(F) -816.69

(G) -210.25

(H) -1,086.65

(I) -802.41

(J) -288.91

(K) -626.24

Adjustments for increase (decrease) in other current and


non-current liabilities
Adjustments for provisions
Total adjustments for working capital
Total adjustments for reconcile profit (loss)
Net cash flows from (used in) operations
Dividends received
Interest paid
Interest received
Income taxes (paid) refund
Other inflows (outflows) of cash
Net cash flows from (used in) operating activities before extraordinary
items
Proceeds from extraordinary items
Payment for extraordinary items
Net cash flows from (used in) operating activities
Cash flows from used in investing activities [Abstract]
Cash flows from losing control of subsidiaries or other businesses
Cash flows used in obtaining control of subsidiaries or other businesses
Other cash payments to acquire interests in joint ventures
Cash receipts from share of profits of partnership firm or
association of persons or limited liability partnerships
Cash payment for investment in partnership firm or association of
persons or limited liability partnerships
Proceeds from sales of tangible assets

-235.26

Dividends received
Interest received
Income taxes (paid) refund
Other inflows (outflows) of cash
Proceeds from government grants
24

3,133.88
(L) 704.83

0
-2,693.07
-1,240.19
-445.54
0
0
0
200.15
0

0
1,646.46
2,757.7
3,517.19
0
0
0
288.4
(M) 0

-645.69

3,228.79

0
0
-645.69

0
0
3,228.79

0
0
0

0
0
0

(N) 3.8

Purchase of tangible assets

31/03/2010

25.68

(O) 1,696.34
1.16
41.19
0

(P) 2,348.45
2.37
5.58
0

(Q) -1.98
0

(R) 637.5
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Net cash flows from (used in) investing activities before extraordinary
items
Net cash flows from (used in) investing activities
Cash flows from used in financing activities [Abstract]
Proceeds from issuing shares
Proceeds from issuing other equity instruments
Proceeds from issuing debentures notes bonds etc
Proceeds from borrowings
Repayments of borrowings
Dividends paid
Interest paid
Net cash flows from (used in) financing activities before extraordinary
items
Proceeds from extraordinary items
Payment for extraordinary items
Net cash flows from (used in) financing activities
Net increase (decrease) in cash and cash equivalents before effect of
exchange rate changes
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents cash flow statement at end of period

Footnotes
(A) Loss on sale of Fixed Assets: .07 Less profit on sale of fixed assets: -3.87
(B) Loss on sale of Fixed Assets: .98 Less profit on sale of fixed assets:0.40 Net 0.58
(C) Provision for Wealth tax : .58 Less: Interest Income Received: 41.19
(D) Provision for Wealth tax : .43 Less: Interest Income Received: -5.58 Net
(E) Decrease (Increase) in Inventories
(F) Decrease (Increase) in Inventories
(G) Decrease (Increase) in Trade Receivables
(H) Decrease (Increase) in Trade Receivables
(I) Decrease (Increase) in Other Receivables
(J) Decrease (Increase) in Other Receivables
(K) (Decrease) Increase in Trade Paybles
(L) (Decrease) Increase in liabilities Other then Trade Payables
(M) Redemption/(Investments) in fixed deposits having maturity of more then 3 months
(N) Proceeds from sale of fixed assets
(O) Purchase of Fixed Assets
(P) Purchase of Fixed Assets
(Q) Redemption/(Investments) in fixed deposits having maturity of more then 3 months
(R) Redemption/(Investments) in fixed deposits having maturity of more then 3 months
(S) Proceeds from long term borrowings
(T) Proceeds from short term borrowings
(U) Proceeds from short term borrowings
(V) Proceeds from Long Term Borrowings

25

-1,652.17

-1,677.32

-1,652.17

-1,677.32

0
0
0

0
0
0

(S) 1,774.85

(T) 227.08

(U) 9.32
0
233.3

(V) 1,220.33
0
40.04

1,532.23

-1,033.29

0
0
1,532.23

0
0
-1,033.29

-765.63

518.18

-765.63
203.28

518.18
968.66

450.48

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[200100] Notes - Share capital


Disclosure of shareholding more than five per cent in company [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of share capital [Axis]
Name of shareholder [Axis]

Equity shares 1 [Member]


Shareholder 1 [Member]

01/04/2011
to
31/03/2012
Disclosure of shareholding more than five
per cent in
company [Abstract]
Disclosure of shareholding more than five
per cent
in company [LineItems]
Equity
Type of share
Name of shareholder
CIN of shareholder
Country of incorporation or residence
of

Shareholder 2 [Member]

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Equity

Equity
Equity
Spinx Auto (India) Private Spinx Auto (India) Private
Maruti Suzuki India Ltd
Maruti Suzuki India Ltd
Limited
Limited
L34103DL1981PLC011375 L34103DL1981PLC011375 U74899DL1995PTC067057 U74899DL1995PTC067057
INDIA

shareholder
Number of shares held in company
Percentage of shareholding in company

INDIA
[shares] 44,37,000
44.37%

INDIA
[shares] 44,37,000
44.37%

INDIA
[shares] 18,75,000
18.75%

[shares] 18,75,000
18.75%

Disclosure of shareholding more than five per cent in company [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of share capital [Axis]
Name of shareholder [Axis]

Equity shares 1 [Member]


Shareholder 3 [Member]
Shareholder 4 [Member]

01/04/2011
to
31/03/2012
Disclosure of shareholding more than five per cent in
company [Abstract]
Disclosure of shareholding more than five per cent
in company [LineItems]
Type of share
Name of shareholder
CIN of shareholder
Country of incorporation or residence of
shareholder
Number of shares held in company
Percentage of shareholding in company

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Equity
Equity
Equity
Equity
Chanson Shipping & Chanson Shipping & Sankie
Giken Sankie Giken Kogyo
Packaging Co. Private Ltd Packaging Co. Private Ltd Kogyo Co. Ltd
Co. Ltd
U74899DL1971PTC005523 U74899DL1971PTC005523
INDIA

INDIA
[shares] 12,75,000
12.75%

JAPAN
[shares] 12,75,000
12.75%

[shares] 7,50,000
7.50%

JAPAN
[shares] 7,50,000
7.50%

Disclosure of shareholding more than five per cent in company [Table]

..(3)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of share capital [Axis]
Name of shareholder [Axis]

Equity shares 1 [Member]


Shareholder 5 [Member]

01/04/2011
to
31/03/2012
Disclosure of shareholding more than five per cent in company [Abstract]
Disclosure of shareholding more than five per cent in company [LineItems]
Type of share
Name of shareholder
PAN of shareholder
Country of incorporation or residence of shareholder
Number of shares held in company
Percentage of shareholding in company

26

01/04/2010
to
31/03/2011

Equity
Equity
Rattan Kapur HUF Rattan Kapur HUF
AAFHR4026Q
AAFHR4026Q
INDIA
INDIA
[shares] 5,87,000
[shares] 5,87,000
5.87%
5.87%

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of classes of share capital [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of share capital [Axis]

Share capital [Member]

01/04/2011
to
31/03/2012
Disclosure of classes of share capital [Abstract]
Disclosure of classes of share capital [LineItems]
Number of shares authorised
Value of shares authorised
Number of shares issued
Value of shares issued
Number of shares subscribed and fully paid
Value of shares subscribed and fully paid
Number of shares subscribed but not fully paid
Value of shares subscribed but not fully paid
Total number of shares subscribed
Total value of shares subscribed
Value of shares paid-up [Abstract]
Number of shares paid-up
Value of shares called
Value of shares paid-up
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Decrease in number of shares during period
[Abstract]
Other decrease in number of shares
Total decrease in number of shares during
period
Total increase (decrease) in number of
shares outstanding
Number of shares outstanding at end of period
Reconciliation of value of shares outstanding
[Abstract]
Changes in share capital [Abstract]
Decrease in share capital during period
[Abstract]
Other decrease in amount of shares
Total decrease in share capital during
period
Total increase (decrease) in share capital
Share capital at end of period
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Application money received for
allotment of securities and due for
refund, principal
Application money received for
allotment of securities and due for
refund, interest accrued
Total application money received for
allotment of securities and due for refund
and interest accrued thereon

Equity shares [Member]

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

[shares] 1,05,00,000
1,500
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000

[shares] 1,05,00,000
1,500
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000

[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000

[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 1,00,00,000
1,000
[shares] 0
0
[shares] 1,00,00,000
1,000

[shares] 1,00,00,000
1,000
1,000

[shares] 1,00,00,000 [shares] 1,00,00,000


1,000
1,000
1,000
1,000

[shares] 1,00,00,000
1,000
1,000

27

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

0
1,000

0
1,000

0
1,000

0
1,000

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of classes of share capital [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of share capital [Axis]

Equity shares
[Member]

31/03/2010
Disclosure of classes of share capital [Abstract]
Disclosure of classes of share capital [LineItems]
Type of share
Number of shares authorised
Value of shares authorised
Number of shares issued
Value of shares issued
Number of shares subscribed and fully paid
Value of shares subscribed and fully paid
Number of shares subscribed but not fully paid
Value of shares subscribed but not fully paid
Total number of shares subscribed
Total value of shares subscribed
Value of shares paid-up [Abstract]
Number of shares paid-up
Value of shares called
Value of shares paid-up
Par value per share
Details of shares not fully called [Abstract]
Amount per share called
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Decrease in number of shares during period
[Abstract]
Other decrease in number of shares
Total decrease in number of shares during
period
Total increase (decrease) in number of
shares outstanding
Number of shares outstanding at end of period
Reconciliation of value of shares outstanding
[Abstract]
Changes in share capital [Abstract]
Decrease in share capital during period
[Abstract]
Other decrease in amount of shares
Total decrease in share capital during
period
Total increase (decrease) in share capital
Share capital at end of period
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Application money received for
allotment of securities and due for
refund, principal
Application money received for
allotment of securities and due for
refund, interest accrued
Total application money received for
allotment of securities and due for refund
and interest accrued thereon

Equity shares 1 [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

Equity
Equity
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000
[shares] 0
[shares] 0
0
0
[shares] 1,00,00,000
[shares] 1,00,00,000
1,000
1,000

[shares] 0

1,000

28

[shares] 1,00,00,000
1,000
1,000
[INR/shares] 10

[shares] 1,00,00,000
1,000
1,000
[INR/shares] 10

[INR/shares] 10

[INR/shares] 10

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

0
1,000

0
1,000

[shares] 0

1,000

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of classes of share capital [Table]

..(3)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of share capital [Axis]

Preference shares [Member]

Preference shares 1 [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

[shares] 5,00,000
500
[shares] 0
0
[shares] 0
0
[shares] 0
0
[shares] 0
0

Redeemable
Redeemable
Preference Shares
Preference Shares
[shares] 5,00,000
[shares] 5,00,000
[shares] 5,00,000
500
500
500
[shares] 0
[shares] 0
[shares] 0
0
0
0
[shares] 0
[shares] 0
[shares] 0
0
0
0
[shares] 0
[shares] 0
[shares] 0
0
0
0
[shares] 0
[shares] 0
[shares] 0
0
0
0

Disclosure of classes of share capital [Abstract]


Disclosure of classes of share capital [LineItems]
Type of share
Number of shares authorised
Value of shares authorised
Number of shares issued
Value of shares issued
Number of shares subscribed and fully paid
Value of shares subscribed and fully paid
Number of shares subscribed but not fully paid
Value of shares subscribed but not fully paid
Total number of shares subscribed
Total value of shares subscribed
Value of shares paid-up [Abstract]
Number of shares paid-up
Value of shares called
Value of shares paid-up
Par value per share
Details of shares not fully called [Abstract]
Amount per share called
Reconciliation of number of shares outstanding
[Abstract]
Changes in number of shares outstanding
[Abstract]
Decrease in number of shares during period
[Abstract]
Other decrease in number of shares
Total decrease in number of shares during
period
Total increase (decrease) in number of
shares outstanding
Number of shares outstanding at end of period
Reconciliation of value of shares outstanding
[Abstract]
Changes in share capital [Abstract]
Decrease in share capital during period
[Abstract]
Other decrease in amount of shares
Total decrease in share capital during
period
Total increase (decrease) in share capital
Share capital at end of period
Details of application money received for
allotment of securities and due for refund and
interest accrued thereon [Abstract]
Application money received for allotment of
securities and due for refund and interest
accrued thereon [Abstract]
Application money received for
allotment of securities and due for
refund, principal
Application money received for
allotment of securities and due for
refund, interest accrued
Total application money received for
allotment of securities and due for refund
and interest accrued thereon

[shares] 0
0
0

29

[shares] 0
0
0

[shares] 0
0
0
[INR/shares] 100

[shares] 0
0
0
[INR/shares] 100

[INR/shares] 0

[INR/shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

[shares] 0

0
0

0
0

0
0

0
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Disclosure of notes on share capital explanatory [TextBlock]
Whether there are any shareholders holding more than five per cent
shares in company
Whether reduction in capital done during year
Whether money raised from public offering during year
Details of outstanding unutilised amounts received in respect of public
offering

01/04/2010
to
31/03/2011

Yes

Yes

No
No

No
No

[200200] Notes - Reserves and surplus


Statement of changes in reserves [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Components of reserves [Axis]

Reserves [Member]

01/04/2011
to
31/03/2012
Statement of changes in reserves [Abstract]
Statement of changes in reserves [LineItems]
Changes in reserves [Abstract]
Additions to reserves [Abstract]
Profit (loss) for period
Other additions to reserves
Total additions to reserves
Deductions to reserves [Abstract]
Other utilisation of securities premium if
permitted
Other deductions to reserves
Total deductions to reserves
Appropriations for dividend, dividend tax and
general reserve [Abstract]
Dividend appropriation [Abstract]
Interim dividend appropriation [Abstract]
Interim equity dividend appropriation
Interim preferred dividend
appropriation
Interim special dividend appropriation
Total interim dividend appropriation
Final dividend appropriation [Abstract]
Final equity dividend appropriation
Final preferred dividend appropriation
Final special dividend appropriation
Total final dividend appropriation
Total dividend appropriation
Dividend tax appropriation [Abstract]
Equity dividend tax appropriation
Preferred dividend tax appropriation
Total dividend tax appropriation
Transfer to general reserve
Total appropriations for dividend,
dividend tax and general reserve
Appropriation towards bonus shares
Total changes in reserves
Reserves at end of period
Description of nature and purpose of other
reserves/funds
Venturer's share of post-acquisition reserves
of jointly controlled enterprise
Disclosure of details of transfer to
capital redemption reserve on account
of company purchases of own shares

Surplus [Member]

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

571.71
0
571.71

636.7
0
636.7

571.71
0
571.71

636.7
0
636.7

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
571.71
3,353.16

0
636.7
2,781.45

0
571.71
3,353.16

0
636.7
2,781.45

[ As per Member(s)
[ As per Member(s) ] NA
]
0

[ As per Member(s)
[ As per Member(s) ] 0
]

30

0
0

0
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Statement of changes in reserves [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Components of reserves [Axis]

Surplus [Member]

31/03/2010
Statement of changes in reserves [Abstract]
Statement of changes in reserves [LineItems]
Reserves at end of period

2,144.75

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Disclosure of notes on reserves explanatory [TextBlock]
Aggregate amount set aside or proposed to be set aside, to reserve
Aggregate amounts withdrawn from such reserves set aside
Share reserves joint ventures

01/04/2010
to
31/03/2011
0
0
0

0
0
0

[200300] Notes - Borrowings


Classification of borrowings [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of borrowings [Axis]
Subclassification of borrowings [Axis]

Long-term [Member]
Term loans [Member]
Term loans from banks [Member]
Unsecured borrowings [Member]
Unsecured borrowings [Member]

01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Terms of repayment of long-term loans and
other long-term loans

01/04/2011
to
31/03/2012

31/03/2011

1,779.6
ECB loan taken from Mizuho
Corporate Bank Ltd is payable half
yearly
instalment
as
per
amortisation schedule starting
from october 31, 2013 to April 30,
2016

31/03/2011

1,779.6
ECB loan taken from Mizuho
Corporate Bank Ltd is payable half
yearly
instalment
as
per
amortisation schedule starting
from october 31, 2013 to April 30,
2016

Classification of borrowings [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of borrowings [Axis]
Subclassification of borrowings [Axis]

Long-term [Member]
Foreign currency term loans from banks
Loans and advances from related parties
[Member]
[Member]
Unsecured borrowings [Member]
Secured borrowings [Member]

01/04/2011

01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]

31/03/2011

1,779.6

Nature of security
Terms of repayment of long-term loans and
other long-term loans

to
31/03/2012

0
ECB loan taken from Mizuho
Corporate Bank Ltd is payable half
yearly
instalment
as
per
amortisation schedule starting from
october 31, 2013 to April 30, 2016

31

01/04/2010
to
31/03/2011

4.75
Secured by hypothecation of
respective fixed assets
Payable in monthly instalement as
per repayment agreement

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Classification of borrowings [Table]

..(3)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of borrowings [Axis]
Subclassification of borrowings [Axis]

Long-term [Member]
Loans and advances from others [Member]
Secured borrowings [Member]

01/04/2011

01/04/2010
to
31/03/2011

to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]

01/04/2011
to
31/03/2012

Nature of security

Short-term [Member]
Loans repayable on demand [Member]
Secured borrowings [Member]

4.75

991.66

01/04/2010
to
31/03/2011

1,062.84

Secured by Hypothecation of Textual information Textual information


Respective Fixed Assets
(22) [See below]
(23) [See below]
Payable in monthly instalement as
per repayment agreement

other

Terms of repayment of long-term loans and


other long-term loans
Classification of borrowings [Table]

..(4)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of borrowings [Axis]
Subclassification of borrowings [Axis]

Short-term [Member]
Loans repayable on demand from banks Loans and advances from related parties
[Member]
[Member]
Secured borrowings [Member]
Secured borrowings [Member]

01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]

01/04/2010
to
31/03/2011

991.66

1,062.84

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

72.94

11.09

Secured
by S e c u r e d
by
Textual information Textual information hypothecation
of Hypothecation
of
(24) [See below]
(25) [See below]
respective
fixed Respective
Fixed
assets
Assets

Nature of security

Classification of borrowings [Table]

..(5)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of borrowings [Axis]
Subclassification of borrowings [Axis]

Short-term [Member]
Loans and advances from others
[Member]
Secured borrowings [Member]

01/04/2011
to
31/03/2012
Borrowings notes [Abstract]
Details of borrowings [Abstract]
Details of borrowings [LineItems]
Borrowings
Nature of security [Abstract]

72.94

01/04/2010
to
31/03/2011

11.09

Secured
by
Secured
by
hypothecation
of
hypothecation
of
respective
fixed
respective fixed assets
assets

Nature of security

Textual information (22)


Nature of security
The cash Credit facility taken from corporation bank, standard Chartered Bank, Mizuho Corporate Bank Ltd & Yes Bank Ltd are secured by
hypothecation stock of raw material, work in progress, finished goods and other materials and book debts

32

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (23)


Nature of security
The cash credit facilities taken from corporation bank, standard chartered bank, mizuho corporate bank ltd and yes bank ltd are secured by
hypothecation stock of raw materials, work on progress, finished goods and other materials and book debts

Textual information (24)


Nature of security
the cash credit facilities taken from cororation bank, standard chartered bank, mizuhu corporate bank and yes bank ltd are secured by
hypothecation stock of raw material, worki-in-progress, finished goods and other materials and book debts

Textual information (25)


Nature of security
The cash Credit facility taken from corporation bank, standard Chartered Bank, Mizuho Corporate Bank Ltd & Yes Bank Ltd are secured by
hypothecation stock of raw material, work in progress, finished goods and other materials and book debts

33

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[201000] Notes - Tangible assets


Disclosure of tangible assets [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]
Carrying amount accumulated depreciation and gross
carrying amount [Axis]

Company total tangible assets [Member]


Owned and leased assets [Member]

Carrying amount [Member]

01/04/2011
to
31/03/2012
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

Gross carrying amount [Member]

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

1,508.69

31/03/2010

Accumulated
depreciation
and
impairment
[Member]

01/04/2011
to
31/03/2012

1,508.69

1,901.06

1,901.06

-1,265.16

-1,078.15

26.29

36.85

27.45

36.85

26.29

36.85

27.45

36.85

187.1

187.1

187.1

187.1

430.63

796.62

1,658.94

1,873.61

1,228.31

(A) 8,545.36

(B) 8,114.72

18,502.03

16,843.09

1,265.16

14,969.48

9,956.67

Footnotes
(A) Vehicles include Vehicles on hire purchase (Gross Block) amounting to Rs. 42.25 lacs (Previous Yrs Rs. 52.16 Lacs) During the
year, the company has changed the accounting policy for charging depreciation on JIGS & DIES capitalized under the head Plant &
Equipment. The rate has been changed from 11.31% to 19% on SLM basis. This change has resulted in reduction of profit for the year
ended 31.3.2012 by Rs. 18.71 lacs.
(B) The amount of Foreign exchange fluctuation increased to the carrying amount of plant & machinery during the year is Rs.210.74/(Previous Yr. -288.67 decreased)

34

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]

Company total tangible assets


[Member]
Owned and leased assets
[Member]

Carrying amount accumulated depreciation and gross Accumulated depreciation and


carrying amount [Axis]
impairment [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Land [Member]
Owned assets [Member]
Gross carrying
amount
[Member]

Carrying amount [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

01/04/2011
to
31/03/2012

1,078.15

1.16

1.16

1,076.99

193.82

193.82

8,728.37

7,651.38

35

193.82

193.82

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(3)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]

Land [Member]

Sub classes of tangible assets [Axis]

Owned assets [Member]

Carrying amount accumulated depreciation and gross


carrying amount [Axis]

Gross carrying amount


[Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Buildings
[Member]
Owned assets
[Member]
Carrying
amount
[Member]

Accumulated depreciation and impairment


[Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

31/03/2010

0
-64.06

0
0

0
0

-64.06

193.82

193.82

36

1,227.66

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(4)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]
Carrying amount accumulated depreciation and gross
carrying amount [Axis]

Buildings [Member]
Owned assets [Member]

Carrying amount [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

245.44

Accumulated
depreciation
and
impairment
[Member]

Gross carrying amount [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

01/04/2011
to
31/03/2012

245.44

-49.43

64.06

0
0

0
0

196.01

245.44

64.06

1,737

1,737

1,291.71

1,095.7

37

1,491.56

509.34

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(5)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]

Buildings [Member]
Owned assets [Member]

Carrying amount accumulated depreciation and gross Accumulated depreciation and


carrying amount [Axis]
impairment [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Factory building [Member]


Owned assets [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

245.44

-64.06

-49.43

49.43

-64.06

196.01

1,227.66

1,291.71

49.43

445.29

395.86

38

Gross carrying
amount
[Member]

Carrying amount [Member]

01/04/2011
to
31/03/2012

0
1,095.7

1,737

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(6)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]

Factory building [Member]

Sub classes of tangible assets [Axis]

Owned assets [Member]

Carrying amount accumulated depreciation and gross


carrying amount [Axis]

Gross carrying amount


[Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Accumulated depreciation and impairment


[Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

245.44

Plant and
equipment
[Member]
Owned assets
[Member]
Carrying
amount
[Member]

01/04/2011
to
31/03/2012

1,368.17
64.06

49.43

-1,083.64

0
0

187.1
0
187.1
245.44
1,737

1,491.56

39

64.06

49.43

509.34

445.29

471.63
395.86

6,682.59

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(7)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]
Carrying amount accumulated depreciation and gross
carrying amount [Axis]

Plant and equipment [Member]


Owned assets [Member]

Carrying amount [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

1,336.79

Gross carrying amount [Member]

01/04/2011
to
31/03/2012

1,368.17

01/04/2010
to
31/03/2011

31/03/2010

Accumulated
depreciation
and
impairment
[Member]

01/04/2011
to
31/03/2012

1,336.79

-912.52

1,083.64

0
0

187.1

187.1

424.27

1,555.27

1,336.79

15,376.74

13,821.47

6,211.33

5,787.06

40

1,083.64
12,484.68

8,694.15

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(8)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]

Plant and equipment [Member]


Owned assets [Member]

Carrying amount accumulated depreciation and gross Accumulated depreciation and


carrying amount [Axis]
impairment [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

912.52

912.52
7,610.14

6,697.62

41

Factory equipments [Member]


Owned assets [Member]
Gross carrying
amount
[Member]

Carrying amount [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

01/04/2011
to
31/03/2012

1,368.17

1,336.79

1,368.17

-1,083.64

-912.52

187.1

187.1

187.1

471.63

424.27

1,555.27

6,682.59

6,211.33

187.1

5,787.06

15,376.74

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(9)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]

Factory equipments [Member]

Sub classes of tangible assets [Axis]

Owned assets [Member]

Carrying amount accumulated depreciation and gross


carrying amount [Axis]

Gross carrying amount


[Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Accumulated depreciation and impairment


[Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

1,336.79

Furniture and
fixtures
[Member]
Owned assets
[Member]
Carrying
amount
[Member]

01/04/2011
to
31/03/2012

5.94
1,083.64

912.52

-8.39

0
0

0
0

1,336.79
13,821.47

12,484.68

42

1,083.64

912.52

8,694.15

7,610.14

-2.45
6,697.62

31.12

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(10)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]
Carrying amount accumulated depreciation and gross
carrying amount [Axis]

Furniture and fixtures [Member]


Owned assets [Member]

Carrying amount [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

9.96

Accumulated
depreciation
and
impairment
[Member]

Gross carrying amount [Member]

01/04/2011
to
31/03/2012

5.94

01/04/2010
to
31/03/2011

31/03/2010

01/04/2011
to
31/03/2012

9.96

-6.5

8.39

0
0

0
0
0
3.46
33.57

30.11

43

5.94

9.96

116.3

110.36

8.39
100.4

85.18

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(11)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]

Furniture and fixtures [Member]


Owned assets [Member]

Carrying amount accumulated depreciation and gross Accumulated depreciation and


carrying amount [Axis]
impairment [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

6.5

6.5
76.79

70.29

44

Vehicles [Member]
Owned assets [Member]
Gross carrying
amount
[Member]

Carrying amount [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

01/04/2011
to
31/03/2012

83.89

255.28

83.89

-85.78

-90

26.29

36.85

26.29

36.85

-1.89

138.99

262.55

264.44

47.04
125.45

709

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(12)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]

Vehicles [Member]

Sub classes of tangible assets [Axis]

Owned assets [Member]

Carrying amount accumulated depreciation and gross


carrying amount [Axis]

Gross carrying amount


[Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Accumulated depreciation and impairment


[Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

255.28

Motor vehicles
[Member]
Owned assets
[Member]
Carrying
amount
[Member]

01/04/2011
to
31/03/2012

83.89
85.78

90

-85.78

27.45

36.85

1.16

27.45

36.85

1.16

0
0
0
227.83
661.96

434.13

45

48.93

88.84

446.45

397.52

-1.89
308.68

262.55

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(13)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]
Carrying amount accumulated depreciation and gross
carrying amount [Axis]

Motor vehicles [Member]


Owned assets [Member]

Carrying amount [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

255.28

Accumulated
depreciation
and
impairment
[Member]

Gross carrying amount [Member]

01/04/2011
to
31/03/2012

83.89

01/04/2010
to
31/03/2011

31/03/2010

01/04/2011
to
31/03/2012

255.28

-90

85.78

26.29

36.85

27.45

36.85

26.29

36.85

27.45

36.85

47.04

227.83

48.93

709

661.96

0
0
0
138.99
264.44

125.45

46

434.13

446.45

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(14)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]

Motor vehicles [Member]


Owned assets [Member]

Carrying amount accumulated depreciation and gross Accumulated depreciation and


carrying amount [Axis]
impairment [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Office equipment [Member]


Owned assets [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

50.69

53.59

90

-23.29

-19.7

1.16

1.16

27.4

33.89

147.62

119.85

88.84
397.52

308.68

47

Gross carrying
amount
[Member]

Carrying amount [Member]

01/04/2011
to
31/03/2012

50.69

50.69
85.96

369.17

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(15)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]

Office equipment [Member]

Sub classes of tangible assets [Axis]

Owned assets [Member]

Carrying amount accumulated depreciation and gross


carrying amount [Axis]

Gross carrying amount


[Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

Accumulated depreciation and impairment


[Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

53.59

Computer
equipments
[Member]
Owned assets
[Member]
Carrying
amount
[Member]

01/04/2011
to
31/03/2012

40.42
23.29

19.7

-17.95

0
0

0
0
0
53.59
318.48

264.89

48

23.29

19.7

221.55

198.63

22.47
178.93

70.71

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(16)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]
Carrying amount accumulated depreciation and gross
carrying amount [Axis]

Computer equipments [Member]


Owned assets [Member]

Carrying amount [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

26.11

Accumulated
depreciation
and
impairment
[Member]

Gross carrying amount [Member]

01/04/2011
to
31/03/2012

40.42

01/04/2010
to
31/03/2011

31/03/2010

01/04/2011
to
31/03/2012

26.11

-14.45

17.95

0
0

0
0
0
11.66
48.25

36.59

49

40.42

26.11

245.28

204.87

17.95
178.76

174.57

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of tangible assets [Table]

..(17)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]

Computer equipments [Member]


Owned assets [Member]

Carrying amount accumulated depreciation and gross Accumulated depreciation and


carrying amount [Axis]
impairment [Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets
[LineItems]
Reconciliation of changes in
tangible assets [Abstract]
Changes in tangible assets
[Abstract]
Additions other than through
business combinations tangible
assets
Depreciation tangible assets
Disposals tangible assets
[Abstract]
Disposals tangible assets,
others
Total disposals tangible
assets
Other adjustments tangible
assets [Abstract]
Increase (decrease) through
net exchange differences
tangible assets
Other adjustments tangible
assets, others
Total other adjustments
tangible assets
Total changes in tangible
assets
Tangible assets at end of period

31/03/2010

14.45

14.45
156.62

142.17

Other equipments [Member]


Owned assets [Member]
Gross carrying
amount
[Member]

Carrying amount [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

10.27

27.48

-5.34

-5.25

4.93

22.23

76.9

71.6

01/04/2011
to
31/03/2012

10.27

10.27
49.37

123.88

Disclosure of tangible assets [Table]

..(18)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of tangible assets [Axis]
Sub classes of tangible assets [Axis]
Carrying amount accumulated depreciation and gross carrying
amount [Axis]

Other equipments [Member]


Owned assets [Member]
Gross carrying amount
Accumulated depreciation and impairment
[Member]
[Member]

01/04/2010
to
31/03/2011
Disclosure of tangible assets [Abstract]
Disclosure of tangible assets [LineItems]
Reconciliation of changes in tangible assets
[Abstract]
Changes in tangible assets [Abstract]
Additions other than through business
combinations tangible assets
Depreciation tangible assets
Total changes in tangible assets
Tangible assets at end of period

31/03/2010

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

31/03/2010

27.48

27.48
113.61

50

86.13

5.34
5.34
46.98

5.25
5.25
42.01

36.76

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of additional information tangible assets [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Company total
tangible assets
[Member]
Owned and
leased assets
[Member]

Classes of tangible assets [Axis]

Sub classes of tangible assets [Axis]

01/04/2011
to
31/03/2012

Factory
building
[Member]

Plant and
equipment
[Member]

Factory equipments [Member]

Owned assets
[Member]

Owned assets
[Member]

Owned assets [Member]

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Disclosure of additional information tangible assets


[Abstract]
Disclosure of additional information tangible assets
[LineItems]
Depreciation method tangible assets
Useful lives or depreciation rates tangible assets

[
As
p e r straight
Member(s) ]
method
[
As
per
11.31
Member(s) ]

line straight
method

line straight
method

19%

19%

line straight
method

line

11.31

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011
F i x e d
a s s e t s

Disclosure of notes on tangible assets explanatory [TextBlock]

Disclosure of accounting policy on tangible assets [TextBlock]

Textual information
[See below]

(26)

Textual information
[See below]

(27)

Vehicles
include Vehicles on hire
purchase (Gross Block)
amounting to Rs. 29.12
Lacs (Previous Year Rs.
29.12 Lacs).
Textual information (28)
[See below]

Textual information (26)


Disclosure of notes on tangible assets explanatory [Text Block]
Vehicle include vehicles on hire purchase (Gross Block) amounting to Rs. 42.25 lacs (Previous Yr. Rs.52.16 Lacs)
During the year the company has changed the accounting polices for charging depreciation on jigs and dies capitalized under the head plant and
equipment. The rate has been changed from 11.31% to 19.00 % on SLM.
This changed has resulted in reduction of profits for the year ended 31.03.2012 by Rs. 80.71 lacs

Textual information (27)


Disclosure of accounting policy on tangible assets [Text Block]
2.5 Tangible Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost of acquisition means all direct cost incurred till the assets are
ready to put to use, including cost of borrowings, incurred on projects/expansion during implementation. The pre-operative project expenses
pending allocations are apportioned to the fixed assets of the project proportionately.
CENVAT credit wherever claimed has been reduced from the cost of acquisition.
The Company capitalises assets taken on Finance Lease after the 1 April 2001, in accordance with the Accounting Standard 19 (Accounting For
Leases).
Assets acquired on Finance Lease before 1 April 2001, are not reflected in the financial statements.

51

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (28)


Disclosure of accounting policy on tangible assets [Text Block]
Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost of acquisition means all direct cost incurred till the assets are
ready to put to use, including cost of borrowings, incurred on projects/expansion during implementation. The pre-operative project expenses
pending allocations are apportioned to the fixed assets of the project proportionately.
CENVAT credit wherever claimed has been reduced from the cost of acquisition.
The Company capitalises assets taken on Finance Lease after the 1 April 2001, in accordance with the Accounting Standard 19 (Accounting For
Leases) issued by the Institute of Chartered Accountants of India.
Assets acquired on Finance Lease before 1 April 2001, are not reflected in the financial statements.

[201100] Notes - Intangible assets


Disclosure of intangible assets [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classes of intangible assets [Axis]
Sub classes of intangible assets [Axis]
Carrying amount accumulated amortization and impairment and gross carrying amount [Axis]

Company total intangible assets


[Member]
Internally generated and other than
internally generated intangible assets
[Member]
Carrying amount [Member]

31/03/2012
Disclosure of intangible assets [Abstract]
Disclosure of intangible assets [LineItems]
Reconciliation of changes in intangible assets [Abstract]
Intangible assets at end of period

31/03/2011

[200400] Notes - Non-current investments


Details of non-current investments [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification of non-current investments [Axis]

ClassificationOfNoncurrentInvestments1

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Non-current investments [Abstract]


Disclosure of details of non-current investments [Abstract]
Details of non-current investments [LineItems]
Investment in other Investment in other
Indian
companies Indian
companies
equity instruments equity instruments
Trade investments
Trade investments
Equity shares
Equity shares
9.44
9.44
Corporation Bank Corporation Bank Ltd
Ltd & State Bank of & State Bank of
Tranvancore Ltd
Tranvancore Ltd

Type of non-current investments


Class of non-current investments
Nature of non-current investments
Non-current investments
Name of body corporate in whom investment has been made

52

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Disclosure of notes on non-current investments explanatory [TextBlock]
Accounting policy for determination of carrying amount of investments
[TextBlock]

Textual information (29)


[See below]

Aggregate amount of quoted non-current investments

01/04/2010
to
31/03/2011
Textual information (30)
[See below]

(A) 9.44
80.93
0
0

Market value of quoted non-current investments


Aggregate amount of unquoted non-current investments
Aggregate provision for diminution in value of non-current investments

(B) 9.44
105.05
0
0

Footnotes
(A) Trade Investment (Valued at Cost) 3100 (31march 2011: 3100) equity shares of Rs/ 10/- each fully paid up of corporation bank Ltd:
Rs. 2.48 11600 (31st March 2011: 11600 equity shares of Rs.10/- each) Fully Paid up of State Bank of Travencore Ltd: Rs. 6.96
(B) Trade Investment (Valued at Cost) 3100 (31march 2011: 3100) equity shares of Rs/ 10/- each fully paid up of corporation bank Ltd:
Rs. 2.48 11600 (31st March 2011: 11600 equity shares of Rs.10/- each) Fully Paid up of State Bank of Travencore Ltd: Rs. 6.96

Textual information (29)


Accounting policy for determination of carrying amount of investments [Text Block]
(ii) Long Term Investments (Non Current Investments)
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
opinion of the management.

Textual information (30)


Accounting policy for determination of carrying amount of investments [Text Block]
(ii) Long Term Investments (Non Current Investments)
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
opinion of the management.

[200500] Notes - Current investments


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Disclosure of notes on current investments explanatory [TextBlock]
Accounting policy for determination of carrying amount of investments
[TextBlock]

Textual information (31)


[See below]

01/04/2010
to
31/03/2011
Textual information (32)
[See below]

Textual information (31)


Accounting policy for determination of carrying amount of investments [Text Block]
(ii) Long Term Investments (Non Current Investments)
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
opinion of the management.

53

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (32)


Accounting policy for determination of carrying amount of investments [Text Block]
(ii) Long Term Investments (Non Current Investments)
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
opinion of the management.

[200600] Notes - Subclassification and notes on liabilities and assets


Subclassification of trade receivables [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification of assets based on security [Axis]

Classification of assets based on security


[Member]

31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Trade receivables notes [Abstract]
Trade receivables [Abstract]
Subclassification of trade receivables
[Abstract]
Subclassification of trade receivables
[LineItems]
Breakup of trade receivables [Abstract]
Trade receivables, gross
Allowance for bad and doubtful debts
Total trade receivables
Details of trade receivables due by
directors, other officers or others
[Abstract]
Trade receivables due by directors
Trade receivables due by other officers
Trade receivables due by others
Total trade receivables due by
directors, other officers or
others
Details of trade receivables due by
firms or companies in which any director
is partner or director [Abstract]
Trade receivables due by firms in
which any director is partner
Trade receivables due by private
companies in which any director
is member
Total trade receivables due by firms
or companies in which any director is
partner or director

4,772.56
0
4,772.56

31/03/2011

4,562.31
0
4,562.31

Unsecured considered good [Member]

31/03/2012

31/03/2011

4,772.56
0
4,772.56

4,562.31
0
4,562.31

0
0
0

0
0

0
0

54

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of breakup of provisions [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]

Classification based on time period


[Member]

31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [LineItems]
Provisions [Abstract]
Provisions for employee benefits
[Abstract]
Provision gratuity
Provision leave encashment
Provision other employee related
liabilities
Total provisions for employee benefits
Provision for corporate tax [Abstract]
Provision for current tax
Total provision for corporate tax
Total provisions

31/03/2011

5.4
81.64

0
66.82

202.55

153.76

289.59
31.1
31.1
320.69

Long-term [Member]

31/03/2012

31/03/2011

78.88

61.12

220.58

78.88

61.12

0
0
220.58

78.88

61.12

Disclosure of breakup of provisions [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]

Short-term [Member]

31/03/2012
Subclassification and notes on liabilities and assets [Abstract]
Provisions notes [Abstract]
Disclosure of breakup of provisions [Abstract]
Disclosure of breakup of provisions [LineItems]
Provisions [Abstract]
Provisions for employee benefits [Abstract]
Provision gratuity
Provision leave encashment
Provision other employee related liabilities
Total provisions for employee benefits
Provision for corporate tax [Abstract]
Provision for current tax
Total provision for corporate tax
Total provisions

55

31/03/2011

5.4
2.76
202.55
210.71

0
5.7
153.76
159.46

31.1
31.1
241.81

0
0
159.46

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Loans and advances [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of loans and advances [Axis]
Classification of assets based on security [Axis]

Long-term [Member]
Capital advances [Member]
Security deposits [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]

31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Loans and advances due by others
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director

56

31/03/2011

31/03/2012

31/03/2011

83.07

807.75

202.17

100.46

83.07

807.75

202.17

100.46

0
0

0
0

0
0
68.95

0
0

68.95

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Loans and advances [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of loans and advances [Axis]
Classification of assets based on security [Axis]

Long-term [Member]
Other loans and advances [Member]
Prepaid expenses [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]

31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Nature of other loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director

01/04/2011
to
31/03/2012

31/03/2011

31/03/2011

156.03

113.49

88.3

156.03

113.49

88.3

Advance Rent

57

0
0

0
0

0
0

0
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Loans and advances [Table]

..(3)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of loans and advances [Axis]
Classification of assets based on security [Axis]

Long-term [Member]
Advance tax [Member]
Advance income tax paid [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]

31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Nature of other loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director

58

01/04/2010
to
31/03/2011

31/03/2011

31/03/2012

45.76

45.76

45.76

45.76
Net of Advance tax paid

0
0

0
0

0
0

0
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Loans and advances [Table]

..(4)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]

Long-term [Member]

Classification of loans and advances [Axis]

Claims recoverable [Member]

Classification of assets based on security [Axis]

Unsecured considered good [Member]

31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Details of loans and advances due by
directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director

59

Short-term [Member]
Loans advances given suppliers
[Member]
Unsecured considered good [Member]

31/03/2011

31/03/2012

31/03/2011

67.73

67.73

842.74

316.84

67.73

67.73

842.74

316.84

0
0

0
0

0
0

0
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Loans and advances [Table]

..(5)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of loans and advances [Axis]
Classification of assets based on security [Axis]

Short-term [Member]
Loans advances given employees [Member]
Cenvat receivable [Member]
Unsecured considered good [Member]
Unsecured considered good [Member]

01/04/2010
to
31/03/2011
Subclassification and notes on liabilities and assets
[Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and
advances
Loans and advances
Nature of other loans and advances

31/03/2012

31/03/2012

31/03/2011

551.09

464.71

7
Fair value of Plan Assets (Net of
Obligation) for Gratuity

551.09

464.71

0
0

0
0

0
0

0
0

Details of loans and advances due by


directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by
directors, other officers or others
Details of loans and advances due by firms
or companies in which any director is
partner or director [Abstract]
Loans and advances due by private
companies in which any director is
member
Total loans and advances due
by firms or companies in which
any director is partner or
director
Loans and advances [Table]

..(6)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification based on time period [Axis]
Classification of loans and advances [Axis]
Classification of assets based on security [Axis]

Short-term [Member]
Other loans and advances, others
[Member]
Unsecured considered good [Member]

01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets [Abstract]
Loans and advances notes [Abstract]
Loans and advances [Abstract]
Disclosure of loans and advances [LineItems]
Loans and advances, gross
Allowance for bad and doubtful loans and advances
Loans and advances
Nature of other loans and advances
Details of loans and advances due by directors, other officers or others
[Abstract]
Loans and advances due by directors
Loans and advances due by other officers
Total loans and advances due by directors, other officers or others
Details of loans and advances due by firms or companies in which any
director is partner or director [Abstract]
Loans and advances due by private companies in which any director is member
Total loans and advances due by firms or companies in which any director
is partner or director

60

01/04/2010
to
31/03/2011

39.82
0
39.82
Others

32.7
0
32.7
Others

0
0
0

0
0
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Classification of inventories [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification of inventories [Axis]

Company total inventories [Member]

01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Inventories notes [Abstract]
Inventories [Abstract]
Classification of inventories [Abstract]
Details of inventories [LineItems]
Inventories
Goods in transit

Mode of valuation

3,208.48
325.47

01/04/2010
to
31/03/2011

Raw materials [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

2,389.57
64.31

1,334.78
853.19
325.47
64.31
At cost (net of At cost (net of
CENVAT)
CENVAT) calculated
calculated on the on the basis of
[ As per Member(s)
[ As per Member(s) ] basis of weighted weighted
average
]
average method or method
or
net
net realisable value realisable
value
whichever is lower. whichever is lower.

Classification of inventories [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification of inventories [Axis]

Work-in-progress [Member]

01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Inventories notes [Abstract]
Inventories [Abstract]
Classification of inventories [Abstract]
Details of inventories [LineItems]
Inventories

Mode of valuation

Finished goods [Member]

01/04/2010
to
31/03/2011

987.14

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

806.66

473.49
423.12
At cost (net of At lower of cost
CENVAT) calculated calculated on the
At estimated cost At estimated cost upto
on the basis of weighted basis of weighted
upto estimated stage estimated stage of
average method or net average method or
of process.
process
realisable
value net
realisable
whichever is lower.
value.

Classification of inventories [Table]

..(3)

Unless otherwise specified, all monetary values are in Lakhs of INR


Classification of inventories [Axis]

Stores and spares [Member]

01/04/2011
to
31/03/2012
Subclassification and notes on liabilities and assets
[Abstract]
Inventories notes [Abstract]
Inventories [Abstract]
Classification of inventories [Abstract]
Details of inventories [LineItems]
Inventories

Mode of valuation

Nature of other inventories

01/04/2010
to
31/03/2011

Other inventories [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

82.4
237.08
5.2
5.21
At cost (net of At cost (net of
CENVAT)
CENVAT) calculated
calculated on the on the basis of
At
estimated At
estimated
basis of weighted weighted
average
realisable value.
realisable value.
average method or method
or
net
net realisable value realisable
value
whichever is lower. whichever is lower.
Scrap Stock
Scrap Stock

61

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Disclosure of subclassification and notes on liabilities and assets
explanatory [TextBlock]
Trade payables, long-term
Others long-term, others
Total others, long-term
Total other long-term liabilities
Disclosure of notes on provisions explanatory [TextBlock]
Current maturities of long-term debt
Interest accrued but not due on borrowings
Interest accrued and due on borrowings
Debentures claimed but not paid
Unpaid dividends
Application money received for allotment of securities and
due for refund, principal
Unpaid matured deposits and interest accrued thereon
Unpaid matured debentures and interest accrued thereon
Public deposit payable, current
Total other payables, current
Current liabilities portion of share application money pending
allotment
Other current liabilities, others
Total other current liabilities
Total other non-current assets

(A) 46.6
46.6
46.6
Textual information (33)
[See below]
0
78.7
0
0
0

(B) 29.25
29.25
29.25

0
0
0
0

0
0
0
0

977.58
1,056.28
0
(34)

1,158.54
2,102.36
0

86.19

65.33

(C) 0

(D) 0

(E) 187.3
187.3
15.98
203.28
28.62
231.9

(F) 967.63
967.63
1.03
968.66
26.64
995.3

Textual information
[See below]

Accounting policy on inventories [TextBlock]


Aggregate amount of trade receivables outstanding for period
exceeding six months
Fixed deposits with banks
Other balances with banks
Total balance with banks
Cash on hand
Total cash and cash equivalents
Other bank balances
Total cash and bank balances
Balances held with banks to extent held as guarantees

01/04/2010
to
31/03/2011

28.62

Total balances held with banks to extent held as


margin money or security against borrowings,
guarantees or other commitments
Bank deposits with more than twelve months maturity

Footnotes
(A) Advance from customers against supplies
(B) Advance from customers against supplies
(C) Fixed Deposits with Banks against Bank Guarantee
(D) Fixed Deposits with Banks against Bank Guarantee
(E) Balance with Bank (in Current Account)
(F) Balance with Bank (in Current Account)
(G) Fixed Deposits with Banks against Bank Guarantee

62

942.17
1.65
0
0
0

(G) 26.64

28.62

26.64

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (33)


Disclosure of notes on provisions explanatory [Text Block]
EMPLOYEE BENEFITS
a) The principal assumptions used in actuarial valuation are as below:
Current Year Previous Year
Discount Rate 8.75% 8.50%
Rate of return on Plan Assets 8.83% 7.40%
Expected rate of increase in compensation level 7.00% 7.00%
b) Changes in the present value of the obligations
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Present Value of obligations 66.82 146.53 33.82 87.28
Interest Cost 5.84 12.82 2.87 7.40
Current Service Cost 21.87 21.05 13.94 19.59
Benefits Paid (5.69) (1.87) (3.87) (5.56)
Actuarial loss/(gain) on obligations (7.19) (3.25) 20.05 37.82
Closing Present Value of Obligations 81.64 175.28 66.82 146.53
c) Changes in Fair Value of Plan Assets
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Fair Value of Plan Assets Nil 155.22* Nil 104.24
Expected return on Plan Assets Nil 14.36 Nil 9.54
Employer contribution Nil 2.17 Nil 45.31
Benefits Paid Nil (1.87) Nil (5.56)
Actuarial (loss)/gain on Plan Assets Nil Nil Nil Nil
Closing Fair Value of Plan Assets Nil 169.88 Nil 153.53
*Including difference of `1.69 lacs identified

d)
Liability recognized in the Balance Sheet
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Present Value of obligations as at the end of the year 81.64 175.28 66.82 146.53
Fair value of Plan Assts as at the end of the year Nil 169.88 Nil 153.53
Unfunded Status 81.64 5.40 66.82 (7.00)
Net Assets/(Liability) Recognized in Balance Sheet (81.64) (5.40) (66.82) (7.00)

e) Expenses Recognised in Profit and Loss


(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Service Cost 21.87 21.05 13.94 19.59
Interest Cost 5.84 12.82 2.87 7.40
Expected return on Plan Assets Nil (14.35) Nil (9.54)
Net Actuarial (Gain)/Loss Recognised during the year (7.19) (3.26) 20.05 37.82
63

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Total Expense recognised in Profit and Loss Account 20.52 16.26 36.86 55.27
f) Current and Non Current Liability / Asset
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Liability / ( Current Assets) 2.76 5.40 5.70 (7)
Non Current Liability 78.88 Nil 61.12 Nil
Total Liability / ( Total Assets) 81.64 5.40 66.82 (7)
g) Experience adjustment
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Experience Adjustment (Gain) / Loss for Plan liabilities (5.28) 1.71 23.59 Nil
Experience Adjustment (Gain) / Loss for Plan assets Nil 2.32 Nil Nil

Textual information (34)


Accounting policy on inventories [Text Block]
2.12 Valuation of Inventories
Raw Materials, Stores and Spares
At cost (net of CENVAT) calculated on the basis of weighted average method or net realisable value whichever is lower.
Work -in-Progress
At estimated cost upto estimated stage of process.
Finished Goods
At lower of cost calculated on the basis of weighted average method or net realisable value.
Material in Transit
At cost or net realisable value whichever is lower.
Scrap
At estimated realisable value.

64

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[200700] Notes - Additional disclosures on balance sheet


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Textual
information
[See below]

Disclosure of additional balance sheet notes explanatory [TextBlock]


Estimated amount of contracts remaining to be executed on
capital account and not provided for

(35)

Textual
information
[See below]

(A) 216.42

Other commitments
Total commitments
Total contingent liabilities and commitments
Amount of dividends proposed to be distributed to equity shareholders
Amount of per share dividend proposed to be distributed to equity
shareholders
Percentage of equity shares held up by major shareholders
Percentage of equity shares held up by others
Deposits accepted or renewed during period
Deposits matured and claimed but not paid during period
Deposits matured and claimed but not paid
Deposits matured but not claimed
Interest on deposits accrued and due but not paid
Share application money received during year
Share application money paid during year
Amount of share application money received back during year
Amount of share application money repaid returned back during year
Number of person share application money paid during year
Number of person share application money received during year
Number of person share application money paid as at end of year
Number of person share application money received as at end of year
Whether maintenance of cost records by company has
been mandated under any cost accounting records
rules notified under section 209(1)(d) of
companies act,1956
If yes, whether company has filed compliance report with central
government
Whether audit of cost records of company has been
mandated by central government under section 233B of
Companies Act, 1956
If yes, choose products industries covered under cost audit
Whether company has filed cost audit report
If yes, SRN of form-1
Unclaimed share application refund money
Unclaimed matured debentures
Unclaimed matured deposits
Interest unclaimed amount

(36)

(B) 247.86
1,099.27

(C) 748.84
965.26
965.26
0

1,347.13
1,347.13
0

[INR/shares] 0

[INR/shares] 0

89.24%
10.76%
0
0
0
0
0
0
0
0
0
[Qty] 0
[Qty] 0
[Qty] 0
[Qty] 0

0
0
0
0
0
0
0
0
0
[Qty] 0
[Qty] 0
[Qty] 0
[Qty] 0

Yes

Yes

Yet to be filed

Yet to be filed

Yes

Yes

AUTOMOTIVE COMPONENTS
Yes
S17517426

AUTOMOTIVE COMPONENTS
No
0
0
0
0

Footnotes
(A) CAPITAL AND OTHER COMMITMENT (a) Estimated amount of contracts remaining to be executed on capital account (net of
advances) and not provided for is ` 216.42 Lacs (Previous Year ` 247.86 Lacs) as certified by the management. (b) Estimated amount of
contracts remaining to be executed on other commitment account (net of advances) and not provided for is ` 748.84 Lacs (Previous Year
1099.27 Lacs) as certified by the management.
(B) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is Rs 247.86 Lacs
(Previous Year Rs. 104.29 Lacs) as certified by the management.
(C) Estimated Amount of contracts remaining to be executed on other commitment account (net of advances)as certified by the
management

65

0
0
0
0

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (35)


Disclosure of additional balance sheet notes explanatory [Text Block]
28. CONTINGENT LIABILITIES
a) The Director, Town and Country Planning, Government of Haryana, has claimed from SKH Metals Ltd (Previously known as Mark Auto
Industries Ltd), External Development Charges amounting to ` 71.93 Lac. plus penal interest thereon, relating to property situated at Village
Begumpur Khatola, 39th Milestone, Delhi-Jaipur Highway. SKH Metals Ltd has filed a special leave petition with the Hon'ble Supreme Court in
which leave has been granted by an order dated 24.03.2003 subject to deposit of 25% of the demand within four weeks. Accordingly, SKH Metals
Ltd has paid ` 18.95 Lacs against the above order. The company has paid ` 7.20 Lacs to S K H Metals Ltd as its contribution.
b) The Company has received the assessment orders under section 201 and 201(1A) of the Income Tax Act for the Assessment Years from
2001-02 to 2006-07 relating to the Interest and T.D.S. on late payment under section 195 for ` 54.57 Lacs. During the assessment year 2008-09
the company has deposited the same amount to the Income Tax department under protest.
The Company had filed the appeal with the ITAT Delhi against the above order. ITAT Delhi has set aside the entire order and entire matter is
restored back to CIT (A) for afresh decision.
c) On 9 December 2011, Assessment has been completed u/s 143(3) of the Income Tax Act, 1961 for the Assessment Year 2009-2010 and a
demand was raised to the tune of ` 87.23 Lacs, which is disputed by the company. The company has filed a Rectification u/s 154 with the Jt.
Commissioner of Income Tax (OSD) against the order.

Textual information (36)


Disclosure of additional balance sheet notes explanatory [Text Block]
1. Contingent liabilities
a) In respect of unexpired Letter of Credit issued by Banks on behalf of the Company (net of margin) Rs. 1115.61 Lacs (Previous Year Rs. 983.10
Lacs).
b) The Company has imported a Machine under EPCG License, for which the Company has executed a bond valuing Rs 44.52 Lacs (Previous
year Rs. 44.52 Lacs) to the Commissioner of Customs, equivalent to the amount of custom duty saved under EPCG Scheme and has also
furnished a Bank Guarantee of Rs.20.03 Lacs (Previous year Rs.20.03 Lacs) to meet export obligation as per the terms of the said licence.
c) The Company has imported raw material under Advance License for intermediate Exports, for which the Company has executed a bond
valuing Rs.78.65 Lacs (Previous Year Rs.78.65 Lacs) to the Commissioner of Customs, equivalent to the amount of custom duty saved under
Advance License Scheme.
d) The Director, Town and Country Planning, Government of Haryana, has claimed from SKH Metals Ltd (Previously known as Mark Auto
Industries Ltd), External Development Charges amounting to Rs.71.93 Lac. plus penal interest thereon, relating to property situated at Village
Begumpur Khatola, 39th Milestone, Delhi-Jaipur Highway. SKH Metals Ltd has filed a special leave petition with the Hon'ble Supreme Court in
which leave has been granted by an order dated 24.03.2003 subject to deposit of 25% of the demand within four weeks. Accordingly, SKH Metals
Ltd has paid Rs.18.95 Lacs against the above order. The company has paid Rs.7.20 Lacs to S K H Metals Ltd as its contribution.
e) The Company has received the assessment orders under section 201 and 201(1A) of the Income Tax Act for the Assessment Years from
2001-02 to 2006-07 relating to the Interest and T.D.S. on late payment under section 195 for Rs.54.57 Lacs. During the assessment year 2008-09
the company has deposited the same amount to the Income Tax department under protest.
The Company had filed the appeal with the ITAT Delhi against the above order. ITAT Delhi has set aside the entire order and entire matter is
restored back to CIT (A) for afresh decision

66

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[200800] Notes - Disclosure of accounting policies, changes in accounting policies and estimates
Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Disclosure of accounting policies, change in accounting policies and
changes in estimates explanatory [TextBlock]

Textual
information
[See below]
Textual
information
[See below]

Disclosure of general information about company [TextBlock]

01/04/2010
to
31/03/2011
(37)
(39)

Disclosure of accounting policies explanatory [TextBlock]


Changes in accounting estimate and accounting policy explanatory
[TextBlock]
During
the
year
the
company has changed the
accounting
policy
for
charging
depreciation
on
jigs
&
dies
captilazided
under
the
head plant & equipment
The rate has been changed
from 11.31% to 19% on SLM
basis
Old rates JIG & DIES 11.31%
Change has resulted in
reduction
of
profit
for
the year ended 31.03.2012
by Rs. 80.71 lacs

Description of change in accounting policy

New policy of accounting


Old policy of accounting
Description of impact of and adjustments resulting from change in
accounting policy

67

Textual information (38)


[See below]
Textual information (40)
[See below]
Textual information (41)
[See below]

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (37)


Disclosure of accounting policies, change in accounting policies and changes in estimates explanatory [Text Block]
MARK EXHAUST SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2012
1. GENERAL INFORMATION
The Company was established in the year 1993 and has set up a state of the art plant at Begumpur Khatola Delhi Jaipur Highway N H -8,
Gurgaon for manufacturing auto components, silencer exhaust pipes and sub assemblies. The Company started its commercial production in
February 1996. It is a Joint Venture with Maruti Suzuki India Ltd. The Company has MSIL and Honda Scooters as its main customers for
Silencers Exhaust Systems. The Company also supplies auto components to other auto manufacturers.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation of Financial Statements
The financial statements have been prepared to comply with all material aspects of the notified accounting standards prescribed by the Companies
(Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under
the historical cost convention on an accrual basis of accounting in accordance with Generally Accepted Accounting Principles (GAAP). The
accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.
All assets and liabilities have been classified as current or non-current as per the Companys normal operating cycle and other criteria set out in
the Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and
their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current non
current classification of assets and liabilities.
The preparation of the financial statements in conformity with Accounting Principles requires that:
(i) The management makes estimates and assumptions that affect the reported amounts of assets and liabilities,
(ii) Disclosure of contingent assets and liabilities as of the date of the financial statements.
Examples of such estimates include Provisions for Doubtful Debts, Future obligations under Employee Retirements Benefit Plans, etc. Although
these estimates are based upon management's best knowledge of current events and actions, actual results could differ from those estimates.
2.2 Revenue Recognition
Revenue from sale of goods is recognised when the sale has been completed with the passing of title. Net Turnover represents invoiced amount of
goods sold and services net of discount, excluding excise duty and sales tax. Price adjustments for sales made during the year are recorded upon
receipt of confirmed customers orders.
Dividend Income is recognised when the right to receive the same is established.
Interest Income is recognised on time proportion basis, inclusive of related tax deducted at source.
2.3 Expenditure
Expenditure is accounted for on accrual basis and provisions are made for all known losses and liabilities.
2.4 Warranty Claims
Product warranty claims are charged to the Profit and Loss account as and when claimed by the customers on actual basis.
2.5 Tangible Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost of acquisition means all direct cost incurred till the assets are
ready to put to use, including cost of borrowings, incurred on projects/expansion during implementation. The pre-operative project expenses
pending allocations are apportioned to the fixed assets of the project proportionately.
CENVAT credit wherever claimed has been reduced from the cost of acquisition.
The Company capitalises assets taken on Finance Lease after the 1 April 2001, in accordance with the Accounting Standard 19 (Accounting For
Leases).
Assets acquired on Finance Lease before 1 April 2001, are not reflected in the financial statements.
2.6 Capital Advances

68

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Advances paid towards acquisition of fixed assets, not received before the year-end are disclosed under Capital Advances.
2.7 Capital Work in Progress
The costs of assets not ready for use, before the year-end, are disclosed under Capital Work in progress.
2.8 Depreciation
Depreciation on fixed assets is provided using the Straight Line Method (SLM), based on the rates prescribed in the schedule XIV of the
Companies Act, 1956 except for certain fixed assets, where based on Managements estimate of the useful life of the assets, higher depreciation
has been provided on Straight Line Method (SLM) at the following rate:
Assets Rates (SLM)
Vehicle 19%
Jigs and Dies 19%
Depreciation is charged on pro- rata basis for assets purchased /sold during the year.
Individual assets costing upto Rs.5000/- are depreciated at the rate of 100 %.
Assets acquired on Finance Lease after 1 April 2001 is depreciated over the period of Lease Term.
2.9 Investments
(i) Current Investments
Investments that are readily realisable and intended to be held for not more than a year are classified as current investments. All other investments
are classified as long-term investments. Current investments are carried at lower of cost and fair value determined on an individual investment
basis.
(ii) Long Term Investments (Non Current Investments)
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
opinion of the management.
2.10 Miscellaneous Expenditure
Miscellaneous Expenditure are being written off in accounting period in which incurred.
2.11 Foreign Currency Transactions
Foreign Currency transactions other than those covered by forward contracts are recorded at the exchange rate prevailing at the date of
transaction. Exchange differences arising on settlement of transactions are recognised as Income or expense in the year in which they arise.
At the Balance Sheet date all assets, other than fixed assets, and liabilities denominated in foreign currency but not covered by forward contract
are reported at the exchange rate prevailing at the Balance Sheet date. In view of notification dated 29.12.11 amending AS-11, the cost of
respective fixed assets are adjusted for increase or decrease in liabilities incurred for the purpose of acquiring such fixed assets due to application
of exchange rate prevailing at the Balance Sheet date.
Foreign currency transactions covered by forward contracts are recorded at the exchange rate prevailing at the date of inception of forward
contracts.
At the Balance Sheet date all assets and liabilities covered by forward contracts are stated at the forward contract rates.
The difference between the forward rate and the exchange rate at the inception of a forward contract is recognised as income or expense over the
life of the contract.
2.12 Valuation of Inventories
Raw Materials, Stores and Spares
At cost (net of CENVAT) calculated on the basis of weighted average method or net realisable value whichever is lower.
Work -in-Progress
At estimated cost upto estimated stage of process.
Finished Goods
At lower of cost calculated on the basis of weighted average method or net realisable value.
Material in Transit
69

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

At cost or net realisable value whichever is lower.


Scrap
At estimated realisable value.
2.13 Retirement benefits to Employees

Gratuity
Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation Scheme of Life Insurance Corporation of India
(LIC). The contribution in respect of such scheme, based on the advices received from LIC, is made to the Gratuity Fund Trust. The liability
towards gratuity is provided on the basis of actuarial valuation carried out by an independent Actuary in accordance with the Accounting Standard
15 (Revised).
Provident Fund and Family Pension
In addition to the above benefits, all employees receive benefits from provident fund, which is a defined contribution plan. Both the employees
and the employer make monthly contribution equal to 12 % of the covered employees salary. This contribution is made to Governments
provident fund. The company has no further obligation under the provident fund plan beyond its monthly contribution.
Leave Encashment
Leave encashment is being given to the employees every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto
30 days is charged to Profit and Loss Account on the basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as
short-term leave.
2.14 Provisions and Contingent Liabilities
The Company recognizes a provision when there is a present obligation as a result of a past event and it is probable that it would involve an
outflow of resources and a reliable estimate can be made of the amount of such obligation. Such provisions are not discounted to their present
value and are determined based on the managements estimation of the obligation required to settle the obligation at the balance sheet date. These
are reviewed at each balance sheet date and adjusted to reflect managements current estimates.
A disclosure for a contingent liability is made where it is more likely than not that a present obligation or possible obligation may result in or
involve an outflow of resources. When no present or possible obligation exists and the possibility of an outflow of resources is remote, no
disclosure is made.

2.15 Income Tax


Current Tax: Provision is made for income tax, under the tax payable method, based on the liability as computed after taking credit for allowances
and exemptions. Adjustments in books are made only after the completion of the assessment. In case of matters under appeal, due to
disallowances or otherwise, full provision is made when the company accepts the said liabilities.
Deferred Tax: Consequent to the Accounting Standard 22- Accounting for Taxes on Income becoming mandatory, effective from 1 April, 2002,
the differences that result between the profit offered for income tax and the profit as per the financial statements are identified and thereafter a
Deferred Tax Asset or Liability is recorded for timing differences, based on the tax effect of the aggregate amount being considered. The Tax
effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted regulations. Deferred
Tax Assets are recognised only if there is a virtual certainty that they will be realised and are reviewed for the appropriateness of their respective
carrying values at each Balance Sheet date.
2.16 Impairment of Assets
At each balance sheet date, the company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the
company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognised
in profit and loss account to the extent the carrying amount exceeds the recoverable amount.
2.17 Leases
Where the Company is the lessee
70

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased term are classified as Operating
leases.
Operating lease payments are recognised as an expense in the profit and loss account as per the terms of the agreements which are representative
of the time pattern of the users benefit.

2.18 Earnings Per Share


Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted
average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares, except where the results
would be anti-dilutive.
2.19 Cash and Cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with maturity of three months or
less.
2.20 Previous year figures
Till the year ended 31 March 2011, the company was using pre-revised Schedule VI to the Companies Act 1956 for preparation and presentation
of its financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become
applicable to the company. The company has reclassified previous year figures to conform to this years classification. The adoption of revised
Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant
impact on presentation and disclosures made in the financial statements.

71

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (38)


Disclosure of accounting policies, change in accounting policies and changes in estimates explanatory [Text Block]
MARK EXHAUST SYSTEMS LIMITED
SCHEDULE - 16 Schedule to the Balance Sheet and the Profit and Loss Account
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS
SIGNIFICANT ACCOUNTING POLICIES
1) Basis of preparation of Financial Statements
The accounts of the Company are prepared under the historical cost convention in accordance with Indian generally accepted accounting
principles, the accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as
adopted consistently by the Company. All income and expenditure having a material bearing on the financial statements are recognised on accrual
basis.
The preparation of the financial statements in conformity with Accounting Principles requires that:
(i) The management makes estimates and assumptions that affect the reported amounts of assets and liabilities,
(ii) Disclosure of contingent assets and liabilities as of the date of the financial statements.
Examples of such estimates include Provisions for Doubtful Debts, Future obligations under Employee Retirements Benefit Plans, etc. Although
these estimates are based upon management's best knowledge of current events and actions, actual results could differ from those estimates.
2) Revenue Recognition
Revenue from sale of goods is recognised when the sale has been completed with the passing of title. Net Turnover represents invoiced amount of
goods sold and services net of discount, excluding excise duty and sales tax. Price adjustments for sales made during the year are recorded upon
receipt of confirmed customers orders.
Dividend Income is recognised when the right to receive the same is established.
Interest Income is recognised on time proportion basis, inclusive of related tax deducted at source.
3) Expenditure
Expenditure is accounted for on accrual basis and provisions are made for all known losses and liabilities.
4) Warranty Claims
Product warranty claims are charged to the Profit and Loss account as and when claimed by the customers on actual basis.
5) Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost of acquisition means all direct cost incurred till the assets are
ready to put to use, including cost of borrowings, incurred on projects/expansion during implementation. The pre-operative project expenses
pending allocations are apportioned to the fixed assets of the project proportionately.
CENVAT credit wherever claimed has been reduced from the cost of acquisition.
The Company capitalises assets taken on Finance Lease after the 1 April 2001, in accordance with the Accounting Standard 19 (Accounting For
Leases) issued by the Institute of Chartered Accountants of India.
Assets acquired on Finance Lease before 1 April 2001, are not reflected in the financial statements.
6) Capital Advances
Advances paid towards acquisition of fixed assets, not received before the year-end are disclosed under Capital Advances.
7) Capital Work in Progress
The costs of assets not ready for use, before the year-end, are disclosed under Capital Work in progress.
8) Depreciation

72

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Depreciation on fixed assets is provided using the Straight Line Method (SLM), based on the rates prescribed in the schedule XIV of the
Companies Act, 1956 except for certain fixed assets, where based on Managements estimate of the useful life of the assets, higher depreciation
has been provided on Straight Line Method (SLM) at the following rate:
Assets Rate
Vehicle 19%
Depreciation is charged on pro- rata basis for assets purchased /sold during the year. Individual assets costing upto Rs.5000/- are depreciated at
the rate of 100 %.
Assets acquired on Finance Lease after 1 April 2001 is depreciated over the period of Lease Term
9) Investments
(i) Long Term Investments
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
managements opinion.
(ii) Current Investments
Current investments are stated at lower of cost and fair value.
10) Miscellaneous Expenditure
(i) Miscellaneous Expenditure are being written off in accounting period in which incurred.
(ii) Technical Know How Expenditure incurred prior to or on 31.03.2004 are being written off over a period of 5 years.
11) Foreign Currency Transactions
Foreign Currency transactions other than those covered by forward contracts are recorded at the exchange rate prevailing at the date of
transaction. Exchange differences arising on settlement of transactions are recognised as Income or expense in the year in which they arise.
At the Balance Sheet date all assets, other than fixed assets, and liabilities denominated in foreign currency but not covered by forward contract
are reported at the exchange rate prevailing at the Balance Sheet date. In view of notification dated 31.03.09 amending AS-11, the cost of
respective fixed assets are adjusted for increase or decrease in liabilities incurred for the purpose of acquiring such fixed assets due to application
of exchange rate prevailing at the Balance Sheet date.
Foreign currency transactions covered by forward contracts are recorded at the exchange rate prevailing at the date of inception of forward
contracts.
At the Balance Sheet date all assets and liabilities covered by forward contracts are stated at the forward contract rates.
The difference between the forward rate and the exchange rate at the inception of a forward contract is recognised as income or expense over the
life of the contract.

12) Valuation of Inventories


Raw Materials, Stores and Spares
At cost (net of CENVAT) calculated on the basis of weighted average method or net realisable value whichever is lower.
Work -in-Progress
At estimated cost upto estimated stage of process.
Finished Goods
At lower of cost calculated on the basis of weighted average method or net realisable value.
Material in Transit
At cost or net realisable value whichever is lower.
Scrap
At estimated realisable value.
13) Retirement benefits to Employees

Gratuity
73

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation Scheme of Life Insurance Corporation of India
(LIC). The contribution in respect of such scheme, based on the advices received from LIC, are made to the Gratuity Fund Trust. The liability
towards gratuity is provided on the basis of actuarial valuation carried out by an independent Actuary in accordance with the Accounting Standard
15 (Revised).
Provident Fund and Family Pension
In addition to the above benefits, all employees receive benefits from provident fund, which is a defined contribution plan. Both the employees
and the employer make monthly contribution equal to 12 % of the covered employees salary. This contribution is made to Governments
provident fund. The company has no further obligation under the provident fund plan beyond its monthly contribution.
Leave Encashment
Leave encashment is being given to the employees every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto
30 days is charged to Profit and Loss Account on the basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as
short-term leave.

14) Contingent Liabilities


These are disclosed by way of notes to the accounts. Provisions are made in respect of those liabilities, which are likely to materialise after the
year end till the finalisation of accounts and have material effect on the position stated in the Balance Sheet.
15) Income Tax
Current Tax: Provision is made for income tax, under the tax payable method, based on the liability as computed after taking credit for allowances
and exemptions. Adjustments in books are made only after the completion of the assessment. In case of matters under appeal, due to
disallowances or otherwise, full provision is made when the company accepts the said liabilities.
Deferred Tax: Consequent to the Accounting Standard 22- Accounting for Taxes on Income becoming mandatory, effective from 1 April, 2002,
the differences that result between the profit offered for income tax and the profit as per the financial statements are identified and thereafter a
Deferred Tax Asset or Liability is recorded for timing differences, based on the tax effect of the aggregate amount being considered. The Tax
effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted regulations. Deferred
Tax Assets are recognised only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their
respective carrying values at each Balance Sheet date.
16) Impairment of Assets
At each balance sheet date, the company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the
company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized
in profit and loss account to the extent the carrying amount exceeds the recoverable amount.

Textual information (39)


Disclosure of general information about company [Text Block]
1. GENERAL INFORMATION
The Company was established in the year 1993 and has set up a state of the art plant at Begumpur Khatola Delhi Jaipur Highway N H -8,
Gurgaon for manufacturing auto components, silencer exhaust pipes and sub assemblies. The Company started its commercial production in
February 1996. It is a Joint Venture with Maruti Suzuki India Ltd. The Company has MSIL and Honda Scooters as its main customers for
Silencers Exhaust Systems. The Company also supplies auto components to other auto manufacturers.

74

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (40)


Disclosure of general information about company [Text Block]
1. GENERAL INFORMATION
The Company was established in the year 1993 and has set up a state of the art plant at Begumpur Khatola Delhi Jaipur Highway N H -8,
Gurgaon for manufacturing auto components, silencer exhaust pipes and sub assemblies. The Company started its commercial production in
February 1996. It is a Joint Venture with Maruti Suzuki India Ltd. The Company has MSIL and Honda Scooters as its main customers for
Silencers Exhaust Systems. The Company also supplies auto components to other auto manufacturers.

75

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (41)


Disclosure of accounting policies explanatory [Text Block]
MARK EXHAUST SYSTEMS LIMITED
SCHEDULE - 16 Schedule to the Balance Sheet and the Profit and Loss Account
SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS
SIGNIFICANT ACCOUNTING POLICIES
1) Basis of preparation of Financial Statements
The accounts of the Company are prepared under the historical cost convention in accordance with Indian generally accepted accounting
principles, the accounting standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956, as
adopted consistently by the Company. All income and expenditure having a material bearing on the financial statements are recognised on accrual
basis.
The preparation of the financial statements in conformity with Accounting Principles requires that:
(i) The management makes estimates and assumptions that affect the reported amounts of assets and liabilities,
(ii) Disclosure of contingent assets and liabilities as of the date of the financial statements.
Examples of such estimates include Provisions for Doubtful Debts, Future obligations under Employee Retirements Benefit Plans, etc. Although
these estimates are based upon management's best knowledge of current events and actions, actual results could differ from those estimates.
2) Revenue Recognition
Revenue from sale of goods is recognised when the sale has been completed with the passing of title. Net Turnover represents invoiced amount of
goods sold and services net of discount, excluding excise duty and sales tax. Price adjustments for sales made during the year are recorded upon
receipt of confirmed customers orders.
Dividend Income is recognised when the right to receive the same is established.
Interest Income is recognised on time proportion basis, inclusive of related tax deducted at source.
3) Expenditure
Expenditure is accounted for on accrual basis and provisions are made for all known losses and liabilities.
4) Warranty Claims
Product warranty claims are charged to the Profit and Loss account as and when claimed by the customers on actual basis.
5) Fixed Assets
Fixed Assets are stated at cost of acquisition, less accumulated depreciation. Cost of acquisition means all direct cost incurred till the assets are
ready to put to use, including cost of borrowings, incurred on projects/expansion during implementation. The pre-operative project expenses
pending allocations are apportioned to the fixed assets of the project proportionately.
CENVAT credit wherever claimed has been reduced from the cost of acquisition.
The Company capitalises assets taken on Finance Lease after the 1 April 2001, in accordance with the Accounting Standard 19 (Accounting For
Leases) issued by the Institute of Chartered Accountants of India.
Assets acquired on Finance Lease before 1 April 2001, are not reflected in the financial statements.
6) Capital Advances
Advances paid towards acquisition of fixed assets, not received before the year-end are disclosed under Capital Advances.
7) Capital Work in Progress
The costs of assets not ready for use, before the year-end, are disclosed under Capital Work in progress.
8) Depreciation

76

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Depreciation on fixed assets is provided using the Straight Line Method (SLM), based on the rates prescribed in the schedule XIV of the
Companies Act, 1956 except for certain fixed assets, where based on Managements estimate of the useful life of the assets, higher depreciation
has been provided on Straight Line Method (SLM) at the following rate:
Assets Rate
Vehicle 19%
Depreciation is charged on pro- rata basis for assets purchased /sold during the year. Individual assets costing upto Rs.5000/- are depreciated at
the rate of 100 %.
Assets acquired on Finance Lease after 1 April 2001 is depreciated over the period of Lease Term
9) Investments
(i) Long Term Investments
Long-term investments are carried at cost and provision for diminution in value is made only if such decline is other than temporary in the
managements opinion.
(ii) Current Investments
Current investments are stated at lower of cost and fair value.
10) Miscellaneous Expenditure
(i) Miscellaneous Expenditure are being written off in accounting period in which incurred.
(ii) Technical Know How Expenditure incurred prior to or on 31.03.2004 are being written off over a period of 5 years.
11) Foreign Currency Transactions
Foreign Currency transactions other than those covered by forward contracts are recorded at the exchange rate prevailing at the date of
transaction. Exchange differences arising on settlement of transactions are recognised as Income or expense in the year in which they arise.
At the Balance Sheet date all assets, other than fixed assets, and liabilities denominated in foreign currency but not covered by forward contract
are reported at the exchange rate prevailing at the Balance Sheet date. In view of notification dated 31.03.09 amending AS-11, the cost of
respective fixed assets are adjusted for increase or decrease in liabilities incurred for the purpose of acquiring such fixed assets due to application
of exchange rate prevailing at the Balance Sheet date.
Foreign currency transactions covered by forward contracts are recorded at the exchange rate prevailing at the date of inception of forward
contracts.
At the Balance Sheet date all assets and liabilities covered by forward contracts are stated at the forward contract rates.
The difference between the forward rate and the exchange rate at the inception of a forward contract is recognised as income or expense over the
life of the contract.

12) Valuation of Inventories


Raw Materials, Stores and Spares
At cost (net of CENVAT) calculated on the basis of weighted average method or net realisable value whichever is lower.
Work -in-Progress
At estimated cost upto estimated stage of process.
Finished Goods
At lower of cost calculated on the basis of weighted average method or net realisable value.
Material in Transit
At cost or net realisable value whichever is lower.
Scrap
At estimated realisable value.
13) Retirement benefits to Employees

Gratuity
77

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation Scheme of Life Insurance Corporation of India
(LIC). The contribution in respect of such scheme, based on the advices received from LIC, are made to the Gratuity Fund Trust. The liability
towards gratuity is provided on the basis of actuarial valuation carried out by an independent Actuary in accordance with the Accounting Standard
15 (Revised).
Provident Fund and Family Pension
In addition to the above benefits, all employees receive benefits from provident fund, which is a defined contribution plan. Both the employees
and the employer make monthly contribution equal to 12 % of the covered employees salary. This contribution is made to Governments
provident fund. The company has no further obligation under the provident fund plan beyond its monthly contribution.
Leave Encashment
Leave encashment is being given to the employees every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto
30 days is charged to Profit and Loss Account on the basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as
short-term leave.

14) Contingent Liabilities


These are disclosed by way of notes to the accounts. Provisions are made in respect of those liabilities, which are likely to materialise after the
year end till the finalisation of accounts and have material effect on the position stated in the Balance Sheet.
15) Income Tax
Current Tax: Provision is made for income tax, under the tax payable method, based on the liability as computed after taking credit for allowances
and exemptions. Adjustments in books are made only after the completion of the assessment. In case of matters under appeal, due to
disallowances or otherwise, full provision is made when the company accepts the said liabilities.
Deferred Tax: Consequent to the Accounting Standard 22- Accounting for Taxes on Income becoming mandatory, effective from 1 April, 2002,
the differences that result between the profit offered for income tax and the profit as per the financial statements are identified and thereafter a
Deferred Tax Asset or Liability is recorded for timing differences, based on the tax effect of the aggregate amount being considered. The Tax
effect is calculated on the accumulated timing differences at the end of an accounting period based on prevailing enacted regulations. Deferred
Tax Assets are recognised only if there is reasonable certainty that they will be realised and are reviewed for the appropriateness of their
respective carrying values at each Balance Sheet date.
16) Impairment of Assets
At each balance sheet date, the company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the
company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized
in profit and loss account to the extent the carrying amount exceeds the recoverable amount.

78

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[201200] Notes - Employee benefits


Disclosure of defined benefit plans [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Defined benefit plans [Axis]

Defined benefit plans [Member]

01/04/2011
to
31/03/2012
Disclosure of defined benefit plans [Abstract]
Disclosure of defined benefit plans [LineItems]
Description of accounting policy for defined
benefit plans
Description of type of plan

Domestic defined benefit plans [Member]

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

[ As per Member(s)
Textual information Textual information
[ As per Member(s) ]
]
(42) [See below]
(43) [See below]
[ As per Member(s)
[ As per Member(s) ] Retirement Plan
Retirement Plan
]

Reconciliation of changes in present value of


defined benefit obligation [Abstract]
Changes in defined benefit obligation, at
present value [Abstract]
Increase (decrease) through current
service cost, defined benefit
obligation, at present value
Increase (decrease) through interest
cost, defined benefit obligation, at
present value
Increase (decrease) through actuarial losses
(gains), defined benefit obligation, at
present value
Decrease through benefits paid, defined
benefit obligation, at present value
Total changes in defined benefit
obligation, at present value
Defined benefit obligation, at present value
at end of period
Defined benefit obligation arising from wholly
unfunded plans
Defined benefit obligation arising from
wholly or partly funded plans
Reconciliation of changes in fair value of
plan assets [Abstract]
Changes in plan assets, at fair value
[Abstract]
Increase (decrease) through expected
return, plan assets, at fair value
Decrease through benefits paid, plan
assets, at fair value
Increase (decrease) through
contributions by employer, plan
assets, at fair value
Total changes in plan assets, at fair
value
Plan assets, at fair value at end of period
Recognised assets and liabilities of
defined benefit plans [Abstract]
Recognised liabilities, defined benefit
plan
Recognised assets, defined benefit plan
Net liability (asset) of defined benefit
plans
Reconciliation of liability asset of
defined benefit plans [Abstract]
Defined benefit obligation, at present
value
Plan assets, at fair value
Net liability (asset) of defined benefit
plans

79

42.92

33.53

42.92

33.53

18.66

10.27

18.66

10.27

10.44

-57.87

10.44

-57.87

7.56

9.42

7.56

9.42

43.58

92.25

43.58

92.25

256.92

213.35

256.92

213.35

81.64

66.82

81.64

66.82

175.28

146.53

175.28

146.53

14.36

9.54

14.36

9.54

1.87

5.56

1.87

5.56

2.17

45.31

2.17

45.31

14.66

49.29

14.66

49.29

169.88

153.53

169.88

153.53

256.92

213.35

256.92

213.35

169.88

153.53

169.88

153.53

87.04

59.82

87.04

59.82

256.92

213.35

256.92

213.35

169.88

153.53

169.88

153.53

87.04

59.82

87.04

59.82

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Recognised expense of defined benefit plans


[Abstract]
Current service cost, defined benefit plan
Interest cost, defined benefit plan
Expected return on plan assets, defined
benefit plan
Actuarial gains (losses) recognised
in profit or loss, defined benefit
plan
Total post-employment benefit expense,
defined benefit plans
Description of line items in statement
of profit and loss in which expense of
defined benefit plans is recognised
Actuarial assumption [Abstract]
Actuarial assumption of discount rates
Actuarial assumption of expected
rates of return on plan assets
Actuarial assumption of expected rates
of salary increases
Experience adjustments on plan assets and
plan liabilities [Abstract]
Defined benefit obligation, at present
value
Plan assets, at fair value
Net surplus (deficit) in plan
Experience adjustments on plan liabilities
Experience adjustments on plan assets

42.92
18.66

33.53
10.27

42.92
18.66

33.53
10.27

14.35

9.54

14.35

9.54

10.45

-57.87

10.45

-57.87

36.78

92.13

36.78

92.13

[ As per Member(s)
Leave Encashment, Leave Encashment,
[ As per Member(s) ]
]
gratuity
gratuity

0.00%

0.00%

8.75%

8.50%

0.00%

0.00%

8.83%

7.40%

0.00%

0.00%

7.00%

7.00%

256.92

213.35

256.92

213.35

169.88
-87.04
3.57
2.32

153.53
-59.82
23.59
0

169.88
-87.04
3.57
2.32

153.53
-59.82
23.59
0

Disclosure of defined benefit plans [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Domestic defined
benefit plans
[Member]

Defined benefit plans [Axis]

31/03/2010
Disclosure of defined benefit plans [Abstract]
Disclosure of defined benefit plans [LineItems]
Reconciliation of changes in present value of defined benefit obligation [Abstract]
Defined benefit obligation, at present value at end of period
Reconciliation of changes in fair value of plan assets [Abstract]
Plan assets, at fair value at end of period
Reconciliation of liability asset of defined benefit plans [Abstract]
Defined benefit obligation, at present value
Plan assets, at fair value
Experience adjustments on plan assets and plan liabilities [Abstract]
Defined benefit obligation, at present value
Plan assets, at fair value

121.1
104.24
121.1
104.24
121.1
104.24

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Textual information
[See below]

Disclosure of employee benefits explanatory [TextBlock]

80

01/04/2010
to
31/03/2011
(44)

Textual information
[See below]

(45)

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (42)


Description of accounting policy for defined benefit plans
2.13 Retirement benefits to Employees Gratuity Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation
Scheme of Life Insurance Corporation of India (LIC). The contribution in respect of such scheme, based on the advices received from LIC, is
made to the Gratuity Fund Trust. The liability towards gratuity is provided on the basis of actuarial valuation carried out by an independent
Actuary in accordance with the Accounting Standard 15 (Revised). Provident Fund & Family Pension In addition to the above benefits, all
employees receive benefits from provident fund, which is a defined contribution plan. Both the employees and the employer make monthly
contribution equal to 12 % of the covered employees salary. This contribution is made to Governments provident fund. The company has no
further obligation under the provident fund plan beyond its monthly contribution. Leave Encashment Leave encashment is being given to the
employees every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto 30 days is charged to Profit & Loss
Account on the basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as short-term leave.

Textual information (43)


Description of accounting policy for defined benefit plans
Retirement benefits to Employees Gratuity Gratuity due to employees is covered by the Group Gratuity Policy under Cash Accumulation Scheme
of Life Insurance Corporation of India (LIC). The contribution in respect of such scheme, based on the advices received from LIC, are made to
the Gratuity Fund Trust. The liability towards gratuity is provided on the basis of actuarial valuation carried out by an independent Actuary in
accordance with the Accounting Standard 15 (Revised). Provident Fund & Family Pension In addition to the above benefits, all employees
receive benefits from provident fund, which is a defined contribution plan. Both the employees and the employer make monthly contribution
equal to 12 % of the covered employees salary. This contribution is made to Governments provident fund. The company has no further
obligation under the provident fund plan beyond its monthly contribution. Leave Encashment Leave encashment is being given to the employees
every year in the month of December while retaining upto 30 days Credit. Unpaid leave upto 30 days is charged to Profit & Loss Account on the
basis of actuarial valuation. Leave beyond 30 days is recognised on accrual basis as short-term leave.

81

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (44)


Disclosure of employee benefits explanatory [Text Block]
EMPLOYEE BENEFITS
a) The principal assumptions used in actuarial valuation are as below:
Current Year Previous Year
Discount Rate 8.75% 8.50%
Rate of return on Plan Assets 8.83% 7.40%
Expected rate of increase in compensation level 7.00% 7.00%
b) Changes in the present value of the obligations
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Present Value of obligations 66.82 146.53 33.82 87.28
Interest Cost 5.84 12.82 2.87 7.40
Current Service Cost 21.87 21.05 13.94 19.59
Benefits Paid (5.69) (1.87) (3.87) (5.56)
Actuarial loss/(gain) on obligations (7.19) (3.25) 20.05 37.82
Closing Present Value of Obligations 81.64 175.28 66.82 146.53
c) Changes in Fair Value of Plan Assets
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Fair Value of Plan Assets Nil 155.22* Nil 104.24
Expected return on Plan Assets Nil 14.36 Nil 9.54
Employer contribution Nil 2.17 Nil 45.31
Benefits Paid Nil (1.87) Nil (5.56)
Actuarial (loss)/gain on Plan Assets Nil Nil Nil Nil
Closing Fair Value of Plan Assets Nil 169.88 Nil 153.53
*Including difference of `1.69 lacs identified

d)
Liability recognized in the Balance Sheet
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Present Value of obligations as at the end of the year 81.64 175.28 66.82 146.53
Fair value of Plan Assts as at the end of the year Nil 169.88 Nil 153.53
Unfunded Status 81.64 5.40 66.82 (7.00)
Net Assets/(Liability) Recognized in Balance Sheet (81.64) (5.40) (66.82) (7.00)

e) Expenses Recognised in Profit and Loss


(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Service Cost 21.87 21.05 13.94 19.59
Interest Cost 5.84 12.82 2.87 7.40
Expected return on Plan Assets Nil (14.35) Nil (9.54)
Net Actuarial (Gain)/Loss Recognised during the year (7.19) (3.26) 20.05 37.82
82

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Total Expense recognised in Profit and Loss Account 20.52 16.26 36.86 55.27
f) Current and Non Current Liability / Asset
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Liability / ( Current Assets) 2.76 5.40 5.70 (7)
Non Current Liability 78.88 Nil 61.12 Nil
Total Liability / ( Total Assets) 81.64 5.40 66.82 (7)
g) Experience adjustment
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Experience Adjustment (Gain) / Loss for Plan liabilities (5.28) 1.71 23.59 Nil
Experience Adjustment (Gain) / Loss for Plan assets Nil 2.32 Nil Nil

83

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (45)


Disclosure of employee benefits explanatory [Text Block]
. Employee Benefits
a) The principal assumptions used in actuarial valuation are as below:
2010-11 2009-10
Discount Rate 8.50% 8.00%
Rate of return on Plan Assets 7.40% 9.00%
Expected rate of increase in compensation level 7.00% 7.00%
b)
Changes in the present value of the obligations
(Rs. in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Present Value of obligations 33.82 87.28 54.22 90.43
Interest Cost 2.87 7.40 4.33 7.21
Current Service Cost 13.94 19.59 5.06 10.41
Benefits Paid (3.87) (5.56) (1.92) (3.61)
Actuarial loss/(gain) on obligations 20.05 37.82 (27.86) (17.17)
Closing Present Value of Obligations 66.81 146.53 33.82 87.28
c) Changes in Fair Value of Plan Assets
(Rs. in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Fair Value of Plan Assets Nil 104.24 Nil 76.18
Expected return on Plan Assets Nil 9.54 Nil 6.86
Employer contribution Nil 45.31 Nil 24.82
Benefits Paid Nil (5.56) Nil (3.61)
Actuarial (loss)/gain on Plan Assets Nil Nil Nil Nil
Closing Fair Value of Plan Assets Nil 153.53 Nil 104.24
d) Liability recognized in the Balance Sheet (Rs. in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Present Value of obligations as at the end of the year 66.81 146.53 33.82 87.28
Fair value of Plan Assts as at the end of the year Nil 153.53 Nil 104.24
Unfunded Status 66.81 (7.00) 33.82 (16.96)
Net Assets/(Liability) Recognized in Balance Sheet (66.81) 7.00
(33.82) 16.96
e)
Expenses Recognised in Profit and Loss
(Rs. in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Service Cost 13.94 19.59 5.06 10.41
Interest Cost 2.87 7.40 4.33 7.21
Expected return on Plan Assets Nil (9.54) Nil (6.86)
Net Actuarial (Gain)/Loss Recognised during the year 20.05 37.82 (27.86) (17.17)
Total Expense recognised in Profit and Loss Account 36.86 55.27 (18.48) (6.40)

84

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[201300] Notes - Segments


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Textual information (46)
[See below]
Textual information (48)
[See below]

Disclosure of enterprise's reportable segments explanatory [TextBlock]


Description of fact that there is only one business segment and one
geographic segment

01/04/2010
to
31/03/2011
Textual information (47)
[See below]
Textual information (49)
[See below]

Textual information (46)


Disclosure of enterprise's reportable segments explanatory [Text Block]
The Company is operating in Automotive Components Industry. Since there is only one segment in which the Company is operating, segment
reporting as required under Accounting Standard 17 (Segmental Reporting) is not applicable. Exports being less than 10% of total turnover
therefore geographical segment reporting is not required.

Textual information (47)


Disclosure of enterprise's reportable segments explanatory [Text Block]
Segmental Reporting
The Company is operating in Automotive Components Industry. Since there is only one segment in which the Company is operating, segment
reporting as required under Accounting Standard 17 (Segmental Reporting) is not applicable. Exports being less than 10% of total turnover
therefore geographical segment reporting is not required.

Textual information (48)


Description of fact that there is only one business segment and one geographic segment
The Company is operating in Automotive Components Industry. Since there is only one segment in which the Company is operating, segment
reporting as required under Accounting Standard 17 (Segmental Reporting) is not applicable. Exports being less than 10% of total turnover
therefore geographical segment reporting is not required.

Textual information (49)


Description of fact that there is only one business segment and one geographic segment
The Company is operating in Automotive Components Industry. Since there is only one segment in which the Company is operating, segment
reporting as required under Accounting Standard 17 (Segmental Reporting) is not applicable. Exports being less than 10% of total turnover
therefore geographical segment reporting is not required.

85

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[201600] Notes - Related party


Disclosure of relationship and transactions between related parties [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Categories of related parties [Axis]

CategoriesOfRelatedParties1

01/04/2011
to
31/03/2012
Disclosure of relationship and transactions between
related parties [Abstract]
Disclosure of relationship and transactions between
related parties [LineItems]
Name of related party
Country of incorporation or residence of related
party
Permanent account number of related party
CIN of related party

CategoriesOfRelatedParties2

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Track Components Limited Track Components Limited ROHAN KAPUR

ROHAN KAPUR

INDIA

INDIA

INDIA

AJOPK4186Q

AJOPK4186Q

INDIA

U34300DL1999PLC099507 U34300DL1999PLC099507
Key Management Key Management
Personnel
Personnel

Description of nature of related party relationship

Others

Description of nature of transactions with related


party
Related party transactions [Abstract]
Purchases of goods related party transactions
Transaction relating to key management personnel
[Abstract]
Remuneration for key managerial personnel
Amount written off during period in respect
of debts due from related parties
Amount written off during period in respect
of debts due from related parties,
percentage
Amount written back during period in respect
of debts due to related parties

Sale, Purchase, rendering of Sale, Purchase, rendering of


Remuneration
service
service

Others

11,989.07

Remuneration

14,128.87

35.04

34.72

0
0.00%

86

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of relationship and transactions between related parties [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Categories of related parties [Axis]

CategoriesOfRelatedParties3

01/04/2011
to
31/03/2012

CategoriesOfRelatedParties4

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Disclosure of relationship and transactions between


related parties [Abstract]
Disclosure of relationship and transactions between
related parties [LineItems]
Name of related party
Country of incorporation or residence of related
party
Permanent account number of related party
CIN of related party
Description of nature of related party relationship
Description of nature of transactions with related
party
Related party transactions [Abstract]
Purchases of goods related party transactions
Sales of tangible assets related party
transactions
Interest paid during year related party
transactions
Transaction relating to key management personnel
[Abstract]
Remuneration for key managerial personnel
Outstanding balances for related party
transactions [Abstract]
Amounts payable related party transactions
Amounts receivable related party transactions
Amount written off during period in respect
of debts due from related parties
Amount written back during period in respect
of debts due to related parties

Rattan Kapur

Rattan Kapur

Maruti
Limited

INDIA

INDIA

INDIA

AAIPK4387L

AAIPK4387L

Suzuki

India

maruti suzuki india limited


INDIA

L34103DL1981PLC011375 L34103DL1981PLC011375
Key Management Key Management
Joint venture
Associate
Personnel
Personnel
Remuneration

Remuneration

Sale of Goods, loan taken

SALE, interest on loans

28,019.07
24,615.41
0.35

66.85

41.79

72.94
1,528.31
0

Disclosure of relationship and transactions between related parties [Table]

..(3)

Unless otherwise specified, all monetary values are in Lakhs of INR


Categories of related parties [Axis]

CategoriesOfRelatedParties5

01/04/2011
to
31/03/2012
Disclosure of relationship and transactions between related parties [Abstract]
Disclosure of relationship and transactions between related parties [LineItems]
SPINX
AUTO
INDIA
PRIVATE LIMITED
INDIA
U74899DL1995PTC067057
Others
SALE, Purchase, recieving of
services

Name of related party


Country of incorporation or residence of related party
CIN of related party
Description of nature of related party relationship
Description of nature of transactions with related party
Related party transactions [Abstract]
Sales of tangible assets related party transactions
Amount written off during period in respect of debts due from related parties
Amount written back during period in respect of debts due to related parties

5,994.53
0
0

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Textual information
[See below]
Yes
No

Disclosure of notes on related party explanatory [TextBlock]


Whether there are any related party transactions during year
Whether company is subsidiary company

87

01/04/2010
to
31/03/2011
(50)

Textual information
[See below]
Yes
No

(51)

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (50)


Disclosure of notes on related party explanatory [Text Block]
RELATED PARTY DISCLOSURES
Disclosures in respect of Related Parties in pursuance of Accounting Standards 18 (Related Party Disclosures) are as follows:
Names of Related Parties and description of relationship:
1. Joint Venture : Maruti Suzuki India Limited
(44.37% Shares in the Company)
2. Enterprise over which Key : Track Components Ltd
Management Personnel exercises : Spinx Auto (India) Pvt. Ltd
significant influence
3. Key Management Personnel : Mr. Rattan Kapur (Chairman Cum Managing Director)
: Mr. Rohan Kapur (Executive Director)
Transactions with related parties during the year and balances in respect thereof are as follows:
(` in Lacs)
Current Year Previous Year
Particulars Joint Venture Key Management Personnel Joint Venture Key Management Personnel
Sale of goods 24615.41 Nil 28019.07 Nil
Interest on Loans 0.35 Nil 1.01 Nil
Loan Taken 68.95 Nil Nil Nil
Repayment of Finance 11.84 Nil 43.42 Nil
Remuneration to Directors Nil 101.89 Nil 76.51
Amounts receivable as on 31 March, 2012 1528.31 Nil 891.70 Nil
Amounts payable as on 31 March, 2012 72.94 Nil 15.83 Nil

(` in Lacs)
Enterprises over which Key Management Personnel exercise Significant influence Current Year Previous Year
Purchase / Job Work of goods 11989.07 14128.87
Sale of goods 702.94 1416.20
Security Paid 36.55 Nil
Receiving of Services 93.06 52.08
Amounts receivable as on 31 March, 2012 27.37 141.72
Amounts payable as on 31 March, 2012 2165.99 2147.85

88

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (51)


Disclosure of notes on related party explanatory [Text Block]
Related Party Disclosures
Disclosures in respect of Related Parties in pursuance of Accounting Standards 18 (Related Party Disclosures) are as follows:
Names of Related Parties and description of relationship:
1. Associates : Maruti Suzuki India Limited
(44.37% Shares in the Company)
2. Enterprise over which Key : Track Components Ltd
Management Personnel exercises
significant influence
3. Key Management Personnel : Mr. Rattan Kapur (Managing Director)
and their relatives Mr. Rohan Kapur (Executive Director)

Transactions with related parties during the year and balances in respect thereof are as follows:
(Rs. in Lacs)
Current Year Previous Year
Particulars Associates Key Management Personnel Associates Key Management Personnel
Sale of goods 28019.07 Nil 21367.26 Nil
Interest on Loans 1.01 Nil 8.75 Nil
Repayment of Finance 43.42 Nil 87.41 Nil
Remuneration to Directors Nil 76.51 Nil 65.22
Amounts receivable as on 31 March, 2011 891.70 Nil 657.95 Nil
Amounts payable as on 31 March, 2011 15.83 Nil 60.09 Nil
( Rs. in Lacs )
Enterprise over which Key Management Personnel exercises Significant influence Current Year Previous Year
Purchase / Job Work of goods 14128.87 7260.10
Sale of goods 1416.20 1623.50
Receiving of Services 52.08 57.18
Amounts receivable as on 31 March, 2011 141.72 200.36
Amounts payable as on 31 March, 2011 2147.85 563.78

[201400] Notes - Leases


Disclosure of minimum operating lease payments by lessee [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Maturity [Axis]

Aggregated time bands [Member]

Not later than one year [Member]

31/03/2012

31/03/2012

Disclosure of finance lease and operating lease by


lessee [Abstract]
Disclosure of operating lease by lessee [Abstract]
Disclosure of minimum operating lease payments
by lessee [Abstract]
Disclosure of operating lease by lessee
[LineItems]
Minimum operating lease payments payable

6,645.85

89

31/03/2011

720.04

540.76

31/03/2011

133.79

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Disclosure of minimum operating lease payments by lessee [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Later than one year and not later than
five years [Member]

Maturity [Axis]

31/03/2012
Disclosure of finance lease and operating lease by
lessee [Abstract]
Disclosure of operating lease by lessee [Abstract]
Disclosure of minimum operating lease payments
by lessee [Abstract]
Disclosure of operating lease by lessee
[LineItems]
Minimum operating lease payments payable

31/03/2011

2,086.96

Later than five years [Member]

31/03/2012

399.32

31/03/2011

4,018.13

186.93

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Textual information
[See below]

Disclosure of leases explanatory [TextBlock]


Minimum lease payments recognised as expense, classified as
operating lease
Total lease payments recognised as expense

01/04/2010
to
31/03/2011
(52)

Textual information
[See below]

175.1

(53)
86.31

175.1
86.31
The
Lease
agreement
The
Lease
agreement
renewable as per terms of renewable as per terms of
agreements
agreements

Description of basis on which contingent rent payments are


determined for operating lease

Textual information (52)


Disclosure of leases explanatory [Text Block]
OPERATING LEASES (AS 19)
(` in Lacs)
S. No Particulars Current Year Previous Year
a. The total of future minimum lease payment under non-cancelable operating leases for each of the following periods:
1. not later than one year
2. later than one year but not later than five year
3. later than five year

540.76
2086.96
4018.13

133.79
399.32
186.93
b. Leases payment recognized in the statement of profit and loss 175.10 86.31
c. A general description of the lessee's significant leasing arrangements. The lease agreement renewable as per terms of agreements. The lease
agreement renewable as per terms of agreements.

90

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (53)


Disclosure of leases explanatory [Text Block]
19. OPERATING LEASES (AS 19)
S.
No. Particulars 31.03.2011 31.03.2010
a. The total of future minimum lease payment under non-cancelable operating leases for each of the following periods:
1. not later than one year
2. later than one year but not later than five year
3. later than five year

133.79
399.32
186.93

62.64
182.06
Nil
b. Leases payments recognised in the statement of profit and loss 85.88 66.03
c. A general description of the lessees significant leasing arrangements.
The lease agreement renewable as per terms of agreements. The lease agreement renewable as per terms of agreements.
(Rs. in Lacs)

[300300] Notes - Earnings per share


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Textual information (54)


[See below]

Disclosure of earnings per share explanatory [TextBlock]


Weighted average shares and adjusted weighted average shares [Abstract]
Basic weighted average shares
Diluted weighted average shares
Adjustments of numerator to calculate basic earnings per share [Abstract]
Numerator to calculate basic earnings per share
Profit (loss) for period
Adjustments of numerator to calculate diluted earnings per share [Abstract]
Numerator to calculate diluted earnings per share
Profit (loss) for period

91

Textual information (55)


[See below]

[shares] 100
[shares] 100

[shares] 100
[shares] 100

571.71
571.71

636.7
636.7

571.71
571.71

636.7
636.7

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (54)


Disclosure of earnings per share explanatory [Text Block]
31. EARNING PER SHARE (E.P.S.)
Computed in accordance with Accounting Standard 20 Earnings per Share:(` in Lacs)
Particulars Current Year Previous Year
Profit after Taxation 571.71 636.7
Weighted Average No. of Equity Shares (Nos. In Lacs) 100.00 100.00
Basic and Diluted Earning per Share (In Rupees) (Face value ` 10/- per share) 5.72 6.37

Textual information (55)


Disclosure of earnings per share explanatory [Text Block]
7. Earning per share (E.P.S.)
Computed in accordance with Accounting Standard 20 Earnings per Share:(Rs. in Lacs)
Particulars Current Year Previous Year
Profit after Taxation 636.70 468.31
Weighted Average No. of Equity Shares (Nos.) 100.00 100.00
Basic and Diluted Earning per Share (In Rupees) (Face value Rs. 10/- per share) 6.37 4.68

[202800] Notes - Subsidiary information


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Disclosure of subsidiary information explanatory [TextBlock]
Whether company has subsidiary companies

No

[201900] Notes - Income taxes


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Textual information (56)


[See below]

Disclosure of notes on income taxes explanatory [TextBlock]

Textual information (57)


[See below]

Disclosure of breakup of deferred tax assets and deferred tax liabilities


[Abstract]
Components of deferred tax assets [Abstract]
Deferred tax asset, employee benefits
Deferred tax asset, other
Total deferred tax assets
Components of deferred tax liabilities [Abstract]
Deferred tax liability, depreciation

(A) 40.08

(B) 25.21

(C) 11.36
51.44

(D) 15.72
40.93

(E) 685.46

(F) 726.09

Deferred tax liability, provision employee benefits

(G) 0

Total deferred tax liabilities

685.46

92

(H) 2.34
728.43

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Footnotes
(A) Provision for Leave Encashment Rs. 26.49 Provision for bonus Rs. 11.84 Provision for Gratuity Rs. 1.75
(B) Provision for Leave Encashment Rs. 22.19 Provision for bonus Rs.3.02
(C) Technical Know how Fee
(D) Technical Know How Fee
(E) Fixed Assets
(F) Fixed Assets
(G) Fair Value of Gratuity
(H) Fair Value of Gratuity

93

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (56)


Disclosure of notes on income taxes explanatory [Text Block]
The Company has recognised following deferred Tax Assets and liabilities determined on account of timing differences in accordance with
accounting standards 22. * Accounting for taxes on income applicable from 1st April 2002
TAXES ON INCOME
The Company has recognised following Deferred Tax Assets and Liabilities determined on account of timing differences in accordance with
Accounting Standard-22 Accounting for Taxes on Income applicable from 01 April, 2002.
(` in Lacs)
S. No Particulars Current Year Previous Year
A. Deferred Tax Liabilities
Fixed Assets 685.46 726.09
Fair Value of Gratuity Nil 2.34
TOTAL (A) 685.46 728.43
B Deferred Tax Asset
Provision for Leave Encashment 26.49 22.19
Provision for Bonus 11.84 3.02
Provision for Gratuity 1.75 Nil
Technical Know How Fee 11.36 15.72
TOTAL (B) 51.44 40.93
Net Deferred Tax Liability (A B) 634.02 687.50
Deferred Tax Liability (Net) Charged to Profit and Loss A/c (53.48) (80.24)
33. EMPLOYEE BENEFITS
a) The principal assumptions used in actuarial valuation are as below:
Current Year Previous Year
Discount Rate 8.75% 8.50%
Rate of return on Plan Assets 8.83% 7.40%
Expected rate of increase in compensation level 7.00% 7.00%
b) Changes in the present value of the obligations
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Present Value of obligations 66.82 146.53 33.82 87.28
Interest Cost 5.84 12.82 2.87 7.40
Current Service Cost 21.87 21.05 13.94 19.59
Benefits Paid (5.69) (1.87) (3.87) (5.56)
Actuarial loss/(gain) on obligations (7.19) (3.25) 20.05 37.82
Closing Present Value of Obligations 81.64 175.28 66.82 146.53
c) Changes in Fair Value of Plan Assets
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Opening Fair Value of Plan Assets Nil 155.22* Nil 104.24
Expected return on Plan Assets Nil 14.36 Nil 9.54
Employer contribution Nil 2.17 Nil 45.31
Benefits Paid Nil (1.87) Nil (5.56)
Actuarial (loss)/gain on Plan Assets Nil Nil Nil Nil
Closing Fair Value of Plan Assets Nil 169.88 Nil 153.53
*Including difference of `1.69 lacs identified

d)
94

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Liability recognized in the Balance Sheet


(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Present Value of obligations as at the end of the year 81.64 175.28 66.82 146.53
Fair value of Plan Assts as at the end of the year Nil 169.88 Nil 153.53
Unfunded Status 81.64 5.40 66.82 (7.00)
Net Assets/(Liability) Recognized in Balance Sheet (81.64) (5.40) (66.82) (7.00)

e) Expenses Recognised in Profit and Loss


(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Service Cost 21.87 21.05 13.94 19.59
Interest Cost 5.84 12.82 2.87 7.40
Expected return on Plan Assets Nil (14.35) Nil (9.54)
Net Actuarial (Gain)/Loss Recognised during the year (7.19) (3.26) 20.05 37.82
Total Expense recognised in Profit and Loss Account 20.52 16.26 36.86 55.27
f) Current and Non Current Liability / Asset
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Current Liability / ( Current Assets) 2.76 5.40 5.70 (7)
Non Current Liability 78.88 Nil 61.12 Nil
Total Liability / ( Total Assets) 81.64 5.40 66.82 (7)
g) Experience adjustment
(` in Lacs)
Current Year Previous Year
Leave Encashment Unfunded Gratuity Funded Leave Encashment Unfunded Gratuity Funded
Particulars
Experience Adjustment (Gain) / Loss for Plan liabilities (5.28) 1.71 23.59 Nil
Experience Adjustment (Gain) / Loss for Plan assets Nil 2.32 Nil Nil

Textual information (57)


Disclosure of notes on income taxes explanatory [Text Block]
Taxes on income
The Company has recognised following Deferred Tax Assets and Liabilities determined on account of timing differences in accordance with
Accounting Standard-22 Accounting for Taxes on Income applicable from 01 April, 2002.
(Rs. in Lacs)
S. No Particulars Current Year Previous Year
A. Deferred Tax Liabilities
1. Non Current
Fixed Assets 726.09 812.64
Fair Value of Gratuity 2.34 5.76
TOTAL (A) 728.43 818.40
B Deferred Tax Asset
1. Current
Provision for Doubtful Debts Nil 11.56
Provision for Leave Encashment 22.19 11.49
Provision for Bonus 3.02 6.46
Sub Total 25.21 29.51
2. Non Current
Technical Know How Fee 15.73 21.15
Sub Total 15.73 21.15
TOTAL (B) 40.94 50.66
Net Deferred Tax Liability (A B) 687.49 767.73
Deferred Tax Liability (Net) Charged to Profit and Loss A/c (80.24) (79.64)
95

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[202400] Notes - Investments in associates


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Disclosure of notes on investment in associates explanatory [TextBlock]
Whether company has invested in associates

No

[202500] Notes - Financial reporting of interests in joint ventures


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Disclosure of notes on interests in joint ventures explanatory [TextBlock]
Whether company has invested in joint ventures

No

[201500] Notes - Impairment


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Textual information
[See below]

Disclosure of impairment of assets explanatory [TextBlock]

01/04/2010
to
31/03/2011
(58)

Textual information
[See below]

(59)

Textual information (58)


Disclosure of impairment of assets explanatory [Text Block]
2.16 Impairment of Assets
At each balance sheet date, the company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the
company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognised
in profit and loss account to the extent the carrying amount exceeds the recoverable amount.

Textual information (59)


Disclosure of impairment of assets explanatory [Text Block]
Impairment of Assets
At each balance sheet date, the company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the
company estimates the recoverable amount. If the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized
in profit and loss account to the extent the carrying amount exceeds the recoverable amount.

96

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

[202100] Notes - Other provisions, contingent liabilities and contingent assets


Disclosure of contingent liabilities [Table]

..(1)

Unless otherwise specified, all monetary values are in Lakhs of INR


Share of contingent liabilities of
associates [Member]

Classes of contingent liabilities [Axis]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Other contingent liabilities [Member]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Disclosure of contingent liabilities [Abstract]


Disclosure of contingent liabilities [LineItems]
External
Development
charges

Description of nature of contingent liabilities

Interest on TDS Interest on TDS and late


and late payment payment & dispute of
Textual
information
& dispute of demand raised by Income
(60) [See below]
demand raised by Tax and income tax
Income Tax
assesement order

Disclosure of contingent liabilities [Table]

..(2)

Unless otherwise specified, all monetary values are in Lakhs of INR


Contingent liability on disputed income Contingent liability on other disputed tax
tax [Member]
liabilities [Member]

Classes of contingent liabilities [Axis]

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

01/04/2011
to
31/03/2012

01/04/2010
to
31/03/2011

Disclosure of contingent liabilities [Abstract]


Disclosure of contingent liabilities [LineItems]
Textual information Textual information Textual information Textual information
(61) [See below]
(62) [See below]
(63) [See below]
(64) [See below]

Description of nature of contingent liabilities

Unless otherwise specified, all monetary values are in Lakhs of INR


01/04/2011
to
31/03/2012
Disclosure of notes on other provisions, contingent liabilities and
contingent assets explanatory [TextBlock]
Disclosure of contingent liabilities explanatory [TextBlock]

Textual information
[See below]

01/04/2010
to
31/03/2011
(65)

Textual information
[See below]

(66)

Textual information (60)


Description of nature of contingent liabilities
a) The Director, Town & Country Planning, Government of Haryana, has claimed from SKH Metals Ltd (Previously known as Mark Auto
Industries Ltd), External Development Charges amounting to ` 71.93 Lac. plus penal interest thereon, relating to property situated at Village
Begumpur Khatola, 39th Milestone, Delhi-Jaipur Highway. SKH Metals Ltd has filed a special leave petition with the Hon'ble Supreme Court in
which leave has been granted by an order dated 24.03.2003 subject to deposit of 25% of the demand within four weeks. Accordingly, SKH Metals
Ltd has paid ` 18.95 Lacs against the above order. The company has paid ` 7.20 Lacs to S K H Metals Ltd as its contribution.

Textual information (61)


Description of nature of contingent liabilities
assessment orders under section 201 and 201(1A) of the Income Tax Act for the Assessment Years from 2001-02 to 2006-07 relating to the
Interest and T.D.S. on late payment under section 195 for ` 54.57 Lacs.

Textual information (62)


Description of nature of contingent liabilities
c) On 9 December 2011, Assessment has been completed u/s 143(3) of the Income Tax Act, 1961 for the Assessment Year 2009-2010 and a
demand was raised to the tune of ` 87.23 Lacs, which is disputed by the company. The company has filed a Rectification u/s 154 with the Jt.
Commissioner of Income Tax (OSD) against the order.
97

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (63)


Description of nature of contingent liabilities
c) On 9 December 2011, Assessment has been completed u/s 143(3) of the Income Tax Act, 1961 for the Assessment Year 2009-2010 and a
demand was raised to the tune of ` 87.23 Lacs, which is disputed by the company. The company has filed a Rectification u/s 154 with the Jt.
Commissioner of Income Tax (OSD) against the order

Textual information (64)


Description of nature of contingent liabilities
b) The Company has received the assessment orders under section 201 and 201(1A) of the Income Tax Act for the Assessment Years from
2001-02 to 2006-07 relating to the Interest and T.D.S. on late payment under section 195 for ` 54.57 Lacs. During the assessment year 2008-09
the company has deposited the same amount to the Income Tax department under protest.

Textual information (65)


Disclosure of notes on other provisions, contingent liabilities and contingent assets explanatory [Text Block]
28. CONTINGENT LIABILITIES
a) The Director, Town and Country Planning, Government of Haryana, has claimed from SKH Metals Ltd (Previously known as Mark Auto
Industries Ltd), External Development Charges amounting to ` 71.93 Lac. plus penal interest thereon, relating to property situated at Village
Begumpur Khatola, 39th Milestone, Delhi-Jaipur Highway. SKH Metals Ltd has filed a special leave petition with the Hon'ble Supreme Court in
which leave has been granted by an order dated 24.03.2003 subject to deposit of 25% of the demand within four weeks. Accordingly, SKH Metals
Ltd has paid ` 18.95 Lacs against the above order. The company has paid ` 7.20 Lacs to S K H Metals Ltd as its contribution.
b) The Company has received the assessment orders under section 201 and 201(1A) of the Income Tax Act for the Assessment Years from
2001-02 to 2006-07 relating to the Interest and T.D.S. on late payment under section 195 for ` 54.57 Lacs. During the assessment year 2008-09
the company has deposited the same amount to the Income Tax department under protest.
The Company had filed the appeal with the ITAT Delhi against the above order. ITAT Delhi has set aside the entire order and entire matter is
restored back to CIT (A) for afresh decision.
c) On 9 December 2011, Assessment has been completed u/s 143(3) of the Income Tax Act, 1961 for the Assessment Year 2009-2010 and a
demand was raised to the tune of ` 87.23 Lacs, which is disputed by the company. The company has filed a Rectification u/s 154 with the Jt.
Commissioner of Income Tax (OSD) against the order.

29. CAPITAL AND OTHER COMMITMENT


(a) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is ` 216.42 Lacs (Previous
Year ` 247.86 Lacs) as certified by the management.
(b) Estimated amount of contracts remaining to be executed on other commitment account (net of advances) and not provided for is ` 748.84 Lacs
(Previous Year ` 1099.27 Lacs) as certified by the management.

98

MARK EXHAUST SYSTEMS LIMITED Standalone Balance Sheet for period 01/04/2011 to 31/03/2012

Textual information (66)


Disclosure of notes on other provisions, contingent liabilities and contingent assets explanatory [Text Block]
1. Contingent liabilities
a) In respect of unexpired Letter of Credit issued by Banks on behalf of the Company (net of margin) Rs. 1115.61 Lacs (Previous Year Rs. 983.10
Lacs).
b) The Company has imported a Machine under EPCG License, for which the Company has executed a bond valuing Rs 44.52 Lacs (Previous
year Rs. 44.52 Lacs) to the Commissioner of Customs, equivalent to the amount of custom duty saved under EPCG Scheme and has also
furnished a Bank Guarantee of Rs.20.03 Lacs (Previous year Rs.20.03 Lacs) to meet export obligation as per the terms of the said licence.
c) The Company has imported raw material under Advance License for intermediate Exports, for which the Company has executed a bond
valuing Rs.78.65 Lacs (Previous Year Rs.78.65 Lacs) to the Commissioner of Customs, equivalent to the amount of custom duty saved under
Advance License Scheme.
d) The Director, Town and Country Planning, Government of Haryana, has claimed from SKH Metals Ltd (Previously known as Mark Auto
Industries Ltd), External Development Charges amounting to Rs.71.93 Lac. plus penal interest thereon, relating to property situated at Village
Begumpur Khatola, 39th Milestone, Delhi-Jaipur Highway. SKH Metals Ltd has filed a special leave petition with the Hon'ble Supreme Court in
which leave has been granted by an order dated 24.03.2003 subject to deposit of 25% of the demand within four weeks. Accordingly, SKH Metals
Ltd has paid Rs.18.95 Lacs against the above order. The company has paid Rs.7.20 Lacs to S K H Metals Ltd as its contribution.
e) The Company has received the assessment orders under section 201 and 201(1A) of the Income Tax Act for the Assessment Years from
2001-02 to 2006-07 relating to the Interest and T.D.S. on late payment under section 195 for Rs.54.57 Lacs. During the assessment year 2008-09
the company has deposited the same amount to the Income Tax department under protest.
The Company had filed the appeal with the ITAT Delhi against the above order. ITAT Delhi has set aside the entire order and entire matter is
restored back to CIT (A) for afresh decision.
2. Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for is Rs 247.86 Lacs (Previous
Year Rs. 104.29 Lacs) as certified by the management.

[202700] Notes - Cash flow statements


Unless otherwise specified, all monetary values are in Lakhs of INR
01/04/2011
to
31/03/2012
Disclosure of cash flow statement explanatory [TextBlock]
Cash and cash equivalents if different from balance sheet [Abstract]
Cash and cash equivalents cash flow statement
Total cash and cash equivalents
Income taxes paid (refund) [Abstract]
Income taxes paid (refund), classified as operating activities
Income taxes paid (refund), classified as investing activities
Total income taxes paid (refund)

99

01/04/2010
to
31/03/2011

203.28
203.28

968.66
968.66

200.15
0
200.15

288.4
0
288.4

31/03/2010

450.48